Fuel subsidy: Peter Obi says FG should remove criminality, corruption and not subsidy

The presidential candidate of the Labour Party (LP) in the 2023 general election, Peter Obi, has said that the Federal Government should have removed the criminality and corruption that characterized the implementation of the fuel subsidy policy rather than the subsidy itself.

This was made known by Peter Obi while answering questions during an interview on an Arise News programme, Morning Show, on Monday, October 2, 2023, where he also faulted the government for the removal of fuel subsidy without adequate and properly structured palliatives put in place to cushion its effects on Nigerians.

Obi said he would in collaboration with various stakeholders found a way to remove the fuel subsidy in an organized manner and ensure that the proceeds from its removal will be invested in critical development area.

Remove excess demand

Obi, who pointed out that he had always said that we are consuming far above what we should be consuming, noted that if you remove the excess demand that is not factual, then you would have reduced our fuel consumption in the country by 50%.

• He said, “I have always said we are consuming far above what we should be consuming. Our consumption is just about half of what it is. For me, the approach would have been to remove the corruption and criminal side of the fuel subsidy.
• “Remove the excess demand that is not factual and by doing this, you would have reduced it to like 50%. the remaining 50% is what would have been able to, after consultations with various stakeholders, been able to find a way in an organized manner, remove and showing the proceeds of the removal to be invested in a critical development area.
• “When you do it in an organized manner, with proper palliatives that are well structured, not done haphazardly, you would have been able to see Nigerians go along with you.
• “Policies like this is not what you just announce haphazardly. They are things you talk through and that’s what we would have done in the labour party.
• “What this government has been doing since inception, are announcements with limited thinking which again produces limited outcomes. There must be a coordination between the federal, the state and the local governments in trying to pull through this difficult time.”

Dollar now underground currency in Nigeria

The Labour Party’s Candidate also said the usage of dollar within the country should be reduced in other to strengthen the Naira, adding that it has now become an underground currency in the country.

• He said, “Dollar has become what you can call an underground currency of our economy. it shouldn’t be. We have a currency called Naira. All these things that people are using dollar to do which is not productive should be removed and I can tell you it will strengthen the currency.
• “Today if people want to do a party primary, they would share dollar. that is not our country’s currency and that should warrant a penalty.”

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