Former Labour Party presidential candidate, Peter Obi, says he would have removed fuel subsidy and floated the naira if elected president — but insists his approach would have been more “gradual and organised” than the method used by President Bola Tinubu.

In a critique of the current administration’s economic reforms, Obi said while the policies themselves are not wrong, their implementation has worsened hardship for Nigerians.

“There is nothing wrong with the removal of fuel subsidy. What is wrong is the haphazard way in which it was announced and implemented,” Obi said.

President Tinubu had announced the removal of petrol subsidy on May 29, 2023, during his inauguration. The statement immediately triggered a jump in pump prices from ₦190 to ₦500, eventually peaking at over ₦1,000 before settling around ₦880 in Lagos.

The administration also floated the naira, letting its value be determined by market forces — a move that has led to intense economic volatility.

Obi questioned the lack of transparency surrounding the funds saved from the subsidy removal.

“We were told that we removed [the subsidy] because we don’t want to borrow and that the funds will allow for investments in critical infrastructure. Billions saved. Where is it? Where is it invested in critical areas of development?”

He argued that education, health, and poverty reduction have not improved since the policy change.

On the currency issue, Obi agreed that floating or devaluing the naira can work — but only when a country is productive.

“There’s nothing wrong with floating your currency. There’s nothing wrong with even devaluing your currency. But you do this when you have productivity.”

“Where we are unproductive, you have nothing to sell. So it’s a double whammy.”

Obi added that his administration would have focused on boosting agriculture and manufacturing before implementing such drastic economic shifts.

“In all of this, I would have done the same thing in an organised manner,” he said.