Peter Obi, the Labour Party’s presidential candidate in the 2023 elections, has argued that the removal of the fuel subsidy should have been implemented gradually rather than abruptly. In an interview with Arise Television, he expressed his belief that while he supports the policy changes, the current administration’s execution has been poorly managed.

Obi stated, “I have always maintained that I would have removed the fuel subsidy. My manifesto includes a detailed plan for a more organized approach.” He criticized the current method of subsidy removal as haphazard and emphasized the need for careful planning.

Describing the subsidy system as riddled with corruption, Obi insisted on its necessity to end. However, he raised concerns about how the government has utilized the savings from this removal. “We were informed that the funds would be redirected to critical infrastructure, but where are those investments?” he questioned, pointing to a lack of progress in vital sectors such as education, health, and poverty alleviation.

On the topic of the naira, Obi supported the idea of floating the currency but highlighted the importance of boosting domestic production beforehand. He noted that his administration would have prioritized strengthening agriculture and manufacturing before making such significant economic shifts.

In conclusion, Obi reaffirmed that his approach would have been systematic, ensuring the groundwork was laid before implementing major economic reforms. The abrupt removal of the petrol subsidy, announced by President Bola Tinubu during his inauguration, has already led to a significant rise in fuel prices, raising concerns among the populace.