Labour Party’s presidential candidate in the 2023 elections, Peter Obi
Presidential candidate of the Labour Party in the 2023 election, Peter Obi, has said the removal of petrol subsidy as expected to benefit Nigerians rather than increasing the burden.
Obi made this statement in a post on X on Tuesday after the just concluded 66th Annual General Conference of the Nigerian Bar Association in Port Harcourt, Rivers State.
He affirmed his commitment to his position that Nigeria’s former subsidy regime was plagued by corruption, but argued that its removal should have been properly planned and implemented in phases.
“On fuel subsidy removal, I remain committed to the position I took in 2023: the subsidy system was riddled with corruption,” Obi said.
“My approach was to eliminate the corruption, establish the actual subsidy cost, and then carry out a carefully planned, phased removal.”
He argued that proceeds from the removal should have been directed towards sectors capable of improving the living conditions of Nigerians.
According to Obi, areas such as agriculture, healthcare, education, poverty reduction and national security should have received priority in the deployment of the savings.
“Savings from subsidy removal should have been transparently invested in clearly defined, measurable development priorities, especially agriculture, healthcare, education, poverty reduction, and security,” he said.
He said his position rest on ensuring policies were implemented in a manner that protected citizens and produced measurable economic gains.
“I remain convinced that subsidy removal must deliver real benefits to Nigerians; citizens should not bear higher energy costs while the savings remain unaccounted for or fail to improve their lives,” he said.
He identified agriculture as one of the sectors capable of driving economic growth, particularly in Northern Nigeria, where he said vast agricultural land could be harnessed for food production, job creation and exports.
“If countries with fewer resources have transformed their agricultural sectors, Nigeria can feed itself, create millions of jobs, and export food to the world,” Obi said.
He added that Nigeria’s development priorities should focus on food security, healthcare, education, infrastructure, human capital development, security and national unity.
About the Author
