In a recent interview on Arise TV’s ‘The Morning Show,’ Peter Obi, the 2023 presidential candidate of the Labour Party, made a bold statement about fuel subsidy.
Obi, a former governor of Anambra State, characterized fuel subsidy as a form of organized crime. He emphasized the need to address the corruption and criminal elements associated with it.
Obi outlined his approach to handling the issue, stating that the first step should be to eliminate the corruption and criminal aspects of the subsidy. By doing so, he believed it could be reduced by 50 percent.
The remaining 50 percent, according to Obi, would require consultation with various stakeholders to find an organized and effective way to remove it. He proposed that the proceeds from ending the subsidy should be invested in critical development areas like education, healthcare, and infrastructure.
In his words:
“Fuel subsidy is organised crime. I said it repeatedly that it should be removed,” Obi said. “For me, the approach would have been, is to remove the corruption and criminal side of it and remove the excess demand.”
“By doing this, you would have reduced it by 50 per cent. The remaining 50 per cent is what we would have been able to, after consultation with various stakeholders in order to find a way in an organised manner, remove and show the proceed of the gains of the removal to be invested in critical development areas.”