Former Labour Party presidential candidate Peter Obi has demanded that President Bola Tinubu disclose how the billions supposedly saved from the removal of the fuel subsidy have been utilized.
During a recent interview on Arise TV, Obi criticized the government for what he described as a poorly planned and disorderly execution of the subsidy removal and other economic reforms, including the floating of the naira.
“I have consistently maintained that I would have removed the fuel subsidy,” Obi said. “But I would have done it in an organised manner. There’s nothing wrong with subsidy removal itself — what is wrong is the haphazard way it was announced and implemented.”
Obi stressed that the government promised the savings from subsidy removal would fund critical sectors such as infrastructure, education, and healthcare. Still, Nigerians are yet to see any tangible evidence of these investments.
“We were told that the removal of the subsidy would save billions to be invested in critical areas of development. Where is it? Where have these funds been invested?” Obi queried.
On the decision to float the naira, Obi again faulted the timing and strategy. He argued that such a monetary policy requires a productive economy capable of benefiting from a weaker currency by exporting goods and attracting foreign investments.
“Floating or devaluing your currency isn’t wrong if you are productive. But Nigeria has nothing to sell, no competitive exports. You’re devaluing without a production base, so it becomes double trouble,” he noted.
Obi maintained that if elected president, his approach would have prioritized boosting local production, agriculture, and manufacturing first, before adjusting major fiscal or monetary policies.
“You need a national plan. You cannot simply announce policy shifts and expect magic. Gradual implementation, transparency, and accountability are the keys Nigerians expect,” he added.
The former Anambra State governor’s remarks have reignited public discourse over the handling of Nigeria’s economic reforms under Tinubu’s administration.
