Peter Obi, Labour Party’s presidential candidate in the 2023 elections, has raised concerns over how the Bola Tinubu administration has utilised the funds reportedly saved from the removal of petrol subsidy.
Speaking during an interview on Arise Television on Monday, June 9, the former Anambra State governor questioned the absence of tangible progress in critical sectors despite claims that the subsidy removal was necessary to save money and invest in development.
“Since we were told that we removed it because we do not want to borrow, and that the funds would allow for investments in critical infrastructure. Billions saved. Where is it? Where has it been invested in critical areas of development?” Obi asked.
He pointed to education, healthcare, and poverty alleviation as key areas that should have seen improvement if the savings were effectively managed.
“Everybody knows the critical areas of development: education, health, and pulling people out of poverty. Have any of these three improved? No,” he said.
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While reaffirming his own support for removing the petrol subsidy, Obi criticised the execution by the Tinubu government, calling it disorganised and poorly timed.
“There is nothing wrong with the removal of fuel subsidy. What is wrong is the haphazard way in which it was announced and implemented,” he stated.
Obi said his administration would have removed the subsidy gradually and transparently, ensuring the gains were redirected towards improving the quality of life for Nigerians.
President Tinubu had announced the removal of petrol subsidy on May 29, 2023.
The move triggered an immediate surge in pump prices from ₦190 to ₦500, and currently, petrol sells for over ₦850 per litre nationwide.