Former Anambra State Governor, Peter Obi, has expressed support for the removal of the fuel subsidy and the floating of the naira by the Tinubu administration, but faulted the government for how the policies were executed.
Speaking in an interview aired on Monday on Arise Television, Obi acknowledged that both measures were necessary steps toward economic reform, adding that he had long considered similar policies during his tenure. However, he criticised the “haphazard” approach to implementation, which he said has worsened the hardship faced by Nigerians.
“There is nothing wrong with removing the fuel subsidy,” Obi said. “What is wrong is the way it was announced and implemented. We were told it would save money and reduce borrowing, but where is the money saved? What critical infrastructure has been improved since then?”
Obi highlighted the lack of visible investment in health, education, and poverty alleviation, despite the billions reportedly saved from subsidy removal. He also raised concerns about the decision to float the naira without addressing the country’s underlying productivity challenges, noting that the agriculture and manufacturing sectors remain underperforming.
According to the former governor, a gradual, organised approach, engaging stakeholders such as fuel marketers and the private sector, would have ensured a fairer pricing system and cushioned Nigerians from sudden economic shocks.
The Tinubu administration’s reforms, announced shortly after the May 29, 2023 inauguration, sent petrol prices soaring from ₦190 to over ₦850 and led to significant naira depreciation.
While international observers praised the policies as necessary for long-term stability, many Nigerians continue to struggle with rising living costs and limited safety nets.
