Subsidy removal: Obi backs policy, faults FG’s mismanagement of proceeds

Peter Obi, presidential candidate of the Nigeria Democratic Congress (NDC), has reiterated his support for the removal of petrol subsidy.

Obi stated this on Monday at a conference organised by the Nigerian Bar Association (NBA) in Port Harcourt, Rivers State.

He maintained that although the proceeds from subsidy removal may have been mismanaged, that alone should not be a reason to reverse the policy.

The former Anambra State governor has consistently argued that Nigeria should redirect resources previously spent on subsidising petrol towards productive sectors of the economy.

Obi said the focus should instead be on ensuring that the savings from subsidy removal are properly accounted for and deployed to improve the lives of Nigerians.

He also stressed the need for greater transparency and accountability in the management of public funds, particularly amid concerns over the economic hardship facing citizens.

The NDC presidential candidate’s position comes amid renewed debate over the impact of the subsidy removal policy, with critics arguing that the government has failed to adequately cushion its effects on Nigerians.

Obi has previously called for reforms that would reduce government waste, improve productivity and ensure that public resources are channelled towards infrastructure, healthcare, education and other critical sectors.

The former governor’s remarks at the NBA conference are expected to further fuel the debate over the future of Nigeria’s downstream petroleum sector and the broader economic reforms introduced by the Bola Tinubu administration.