Peter Obi has faulted the Bola Tinubu administration’s implementation of key economic reforms, describing the removal of fuel subsidy and the floating of the naira as disorganised and lacking strategic planning. He said the measures, though necessary, were carried out without prioritising national productivity and critical infrastructure.
Speaking during a live interview on Arise TV on Monday, the Labour Party’s 2023 presidential candidate expressed deep concern over what he termed the “haphazard” execution of reforms that have significantly impacted Nigerians.
“I’ve consistently maintained that I would have removed the fuel subsidy,” Obi said. “If you go to my manifesto, there are steps I would have taken to do it in an organised manner. There was nothing wrong in the removal of the subsidy; what is wrong is the haphazard way in which it was announced and implemented.”
Since assuming office in May 2023, President Tinubu has introduced several major economic policy shifts, including the removal of petrol subsidies and the unification of the exchange rate system. Economists have described the moves as bold and necessary to reset the economy but have also criticised their poor implementation and lack of support mechanisms for the vulnerable.
Obi, a former governor of Anambra State, maintained that the reforms should have been rolled out in a structured way, ensuring Nigeria had a productive base to absorb the shocks and convert the changes into tangible gains.
“Everybody knows that the subsidy regime had a lot of corruption surrounding it, which you needed to handle,” he said. “Since you’re doing it for savings, we are told we’re doing it because we don’t want to continue to borrow to continue the subsidy, and the removal of it will be able to have available funds to be invested in critical areas of development. We’ve done it. Billions have been saved, but where is it? Where are the funds invested in those critical areas?”
Obi argued that Nigerians have yet to see improvements in key sectors such as healthcare, education, or power supply despite the removal of the subsidy and the touted savings.
He added that his approach would have involved ramping up production in agriculture and manufacturing sectors before implementing the currency float and subsidy removal, to cushion the effects on the economy and the people.
“There’s nothing wrong with floating your currency; there’s nothing wrong in even devaluing your currency, but you cannot do this without productivity,” Obi explained. “What the valuation or floating does is that your currency becomes weak in terms of value so you attract investment, and your products become marketable, but then where you are unproductive, you have nothing to sell, so it’s a double whammy.”
Obi also called for inclusive planning and consultation with stakeholders, urging the government to agree on clear priorities and commit saved funds to targeted national development.
“To do it effectively, you must sit down with operators and agree on pricing, and whatever is saved must be dedicated to a specific area, not just shared like other revenue,” he said.
Turning to national infrastructure, Obi criticised the government’s priorities, pointing out that spending on massive road projects without first addressing security and electricity challenges misses the mark.
“If you say our problem is insecurity, they (farmers) can’t go to the farm. Our problem is a power problem. Let’s deal with those things. Let’s use our resources to tackle these fundamental issues first,” he said.
He referenced the ongoing Lagos-Calabar coastal highway project and argued that infrastructure development must align with national security needs.
“Security is more fundamental than roads,” he said. “Would you prefer a road to your village when you cannot drive to your village?”
