Presidential candidate of the Labour Party in the 2023 election, Peter Obi, has said the removal of petrol subsidy should translate into tangible benefits for Nigerians rather than increase the burden on households.

Obi stated this in a post on X on Tuesday, a day after appearing as a guest and panelist at the 66th Annual General Conference of the Nigerian Bar Association in Port Harcourt, Rivers State.

The former Anambra State governor said he remained committed to his position that Nigeria’s former subsidy regime was plagued by corruption, but argued that its removal should have been properly planned and implemented in phases.

“On fuel subsidy removal, I remain committed to the position I took in 2023: the subsidy system was riddled with corruption,” Obi said.

“My approach was to eliminate the corruption, establish the actual subsidy cost, and then carry out a carefully planned, phased removal.”

He argued that proceeds from the removal should have been directed towards sectors capable of improving the living conditions of Nigerians.

According to Obi, areas such as agriculture, healthcare, education, poverty reduction and national security should have received priority in the deployment of the savings.

“Savings from subsidy removal should have been transparently invested in clearly defined, measurable development priorities, especially agriculture, healthcare, education, poverty reduction, and security,” he said.

Obi said his position was not against subsidy removal but centred on ensuring that the policy was implemented in a manner that protected citizens and produced measurable economic gains.

“I remain convinced that subsidy removal must deliver real benefits to Nigerians; citizens should not bear higher energy costs while the savings remain unaccounted for or fail to improve their lives,” he said.

The former governor also linked Nigeria’s economic challenges to what he described as years of mismanagement and corruption, arguing that the country had sufficient human and natural resources to overcome poverty and hunger.

He identified agriculture as one of the sectors capable of driving economic growth, particularly in Northern Nigeria, where he said vast agricultural land could be harnessed for food production, job creation and exports.

“If countries with fewer resources have transformed their agricultural sectors, Nigeria can feed itself, create millions of jobs, and export food to the world,” Obi said.

He added that Nigeria’s development priorities should focus on food security, healthcare, education, infrastructure, human capital development, security and national unity.

“Nigeria has all it needs to prosper. What remains is competent, honest, and purposeful leadership that puts the common good above personal interests,” Obi said. (Vanguard)