The 2023 Labour Party presidential candidate, Peter Obi, has called for greater transparency and accountability in the use of funds saved from the removal of petrol subsidy, insisting that Nigerians must see tangible benefits from the policy.
Obi made the remarks in a post on X on Tuesday, a day after participating as a guest and panellist at the 66th Annual General Conference of the Nigerian Bar Association in Port Harcourt, Rivers State.
The former Anambra State governor reiterated his position that Nigeria’s former petrol subsidy regime was plagued by corruption but argued that its removal should have been preceded by measures to eliminate the abuses and determine the actual cost of the subsidy.
He said the policy should then have been implemented gradually to minimise its impact on citizens.
“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.”
According to him, funds saved from subsidy removal should have been transparently invested in sectors capable of improving Nigerians’ quality of life.
He listed agriculture, healthcare, education, poverty reduction and national security among the areas that should have received priority.
Obi stressed that his position was not against subsidy removal but focused on ensuring that the policy was implemented responsibly and delivered measurable economic benefits.
“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.
The former governor also attributed Nigeria’s economic difficulties to years of what he described as mismanagement and corruption, arguing that the country possesses sufficient human and natural resources to overcome poverty and hunger.
He identified agriculture as a major area with the potential to drive economic growth, particularly in Northern Nigeria, where he said vast areas of arable land could be utilised 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 agenda should prioritise food security, healthcare, education, infrastructure, human capital development, security and national unity.
“Nigeria has all it needs to prosper. What remains is competent, honest, and purposeful leadership that puts the common good above personal interests,” he said.
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