- Peter Obi spoke at the NBA conference in Port Harcourt on Monday, pushing back against Atiku Abubakar’s call to restore fuel subsidy
- Obi backed the removal of petrol subsidy but said the federal government failed to manage the savings from the policy responsibly
- The Labour Party’s 2023 presidential candidate said he had outlined a structured plan for subsidy removal in his manifesto before the election
Legit.ng journalist Adekunle Dada has over 8 years of experience covering metro, government policy, and international issues
Port Harcourt, Rivers state – Peter Obi, the presidential candidate of the Nigerian Democratic Congress (NDC), has publicly rejected the position of Atiku Abubakar, who has promised to restore fuel subsidy if he wins the 2027 presidential election.
Obi made his position clear on Monday at the Nigerian Bar Association (NBA) annual conference held in Port Harcourt, Rivers State, where the subsidy debate came up for discussion.
Legit.ng reports that Atiku said he would bring back fuel subsidy if he is elected president in 2027.
Obi, however, stood firm in his support for the removal of the fuel subsidy.
“I subscribe, and I maintain that we need to remove subsidy. Mismanagement of the proceeds should not be the reason for not removing it,” Obi said.
Obi Faults Tinubu’s govt’s handling of subsidy savings
Rather than opposing the removal itself, Obi directed his criticism at what he described as the federal government’s failure to channel the recovered funds into areas that would ease the burden on ordinary Nigerians.
He argued that removing the subsidy without providing Nigerians with practical alternatives was the core problem, not the policy decision itself.
“What we should have done is that when we removed it, we should have given the people alternative usage for the subsidy,” he said.
Obi went further, alleging that the savings generated from the policy had not been properly accounted for.
“What we have today is that the removal and the attendant resources being recovered are also being mismanaged and stolen.”
The former Anambra State governor said he had anticipated these challenges ahead of the 2023 election and had set out his approach in his campaign manifesto.
“Go to my manifesto, I said it before, I said I will do it in an organised manner and whatever we recover would be invested appropriately,” Obi said.
Context: Tinubu’s subsidy removal and its fallout
President Bola Tinubu announced the end of the petrol subsidy on his inauguration day in May 2023, a move that led to an immediate spike in fuel prices and fuelled widespread concern about the rising cost of living across the country.
The Federal Government has defended the decision as a necessary step to reduce pressure on public finances and free up resources for investment.
Obi has consistently positioned himself as an alternative voice on economic governance ahead of the 2027 general elections.
10 things that will disappear if fuel subsidy returns
Recall that Reno Omokri warned that restoring fuel subsidy in Nigeria could trigger a cascade of economic setbacks across key sectors.
The former presidential aide listed 10 specific consequences, including threats to Naira stability, military funding, and student loans.
Omokri urged Nigerians to support President Tinubu’s economic direction, citing GDP growth and trade surplus figures.
FG says N15.8trn saved from subsidy removal
Meanwhile, Legit.ng reported that Finance Minister Taiwo Oyedele presented a reform scorecard showing how much the government raised from fuel subsidy and FX changes.
The Federal Government received N5.4trn of the total, while states and local governments shared the remaining N10.4trn.
Oyedele revealed the government also borrowed an additional N11.9trn during the same 30-month period to meet spending needs.
Source: Legit.ng