Peter Obi, presidential candidate of the Labour Party (LP)
in 2023, says he would have removed petrol subsidy and floated the naira if he
was elected president.
Speaking in an interview with Arise Television on Monday,
Obi said he would have implemented the policies in a “gradual and organised”
manner.
The former Anambra governor said everybody knows that the
“criminality and corruption” associated with the petrol subsidy regime had to
end.
Obi questioned the whereabouts of the funds saved from
petrol subsidy since its removal, adding that the funds should have been
investment in “critical infrastructure”.
He said critical areas of development have not witnessed any
significant improvement since the removal of the subsidy.
Obi added that he would have negotiated with operators on a
fair pricing template for the product.
“I have consistently maintained that I would have removed
the fuel subsidy. If you go to my manifesto, it is there and the steps I would
have taken in an organised manner,” Obi said.
“There is nothing wrong with the removal of fuel subsidy.
What is wrong is the haphazard way in which it was announced and implemented.
“Since we were told that we removed it because we don’t want
to borrow and that the funds will allow for investments in critical
infrastructure. Billions saved. Where is it? Where is it invested in critical
areas of development?
“Everybody knows critical areas of development — education,
health, and pulling people out of poverty. Have any of these three improved?
No.
“There is nothing wrong in floating and devaluing your
currency. You do this when you have productivity.
“In all of this, I would have done the same thing in an
organised manner.”
He added that he would have ramped up the country’s
production capacity in the agriculture and manufacturing sectors before
floating the currency.
On May 29, 2023, during his swearing-in ceremony, President
Bola Tinubu announced the end of the petrol subsidy scheme.
Shortly after the announcement, the pump price of petrol
moved from N190 to N500. There has been an upward trend in the price of the
product that now sells at over N850.
The Tinubu-led administration also floated the nation’s
currency.
Currency float is an exchange rate system where the value of
the local currency is determined by market forces.
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