Fuel subsidy is a scam, we’ll offer Nigerians an alternative, says Peter Obi

*Peter Obi, presidential candidate of the Labour Party, in Nigeria, has described the current fuel subsidy regime in the economy as ‘a scam’, highlighting alternative measures he will take, if he becomes President of Nigeria  

Isola Moses | ConsumerConnect

Planning to offer an alternative, if elected as President of Nigeria, Mr. Peter Obi, Presidential Candidate of the Labour Party (LP), has described the current fuel subsidy regime in the West African country as “a scam”.

ConsumerConnect reports Obi stated this in a recent a live interview on Arise TV, monitored in Lagos, noted that petrol subsidy is not beneficial to the country’s economy.

He, however, promised that he would not “squander $40 billion” on subsidy as currently being done by the ruling All Progressives Congress, APC-led Federal Government.

Describing as “quacks” those piloting Nigeria’s affairs instead of professionals, the LP presidential candidate said petrol subsidy payments gulped N1.27 trillion in the last five months, about 31 percent of the N4 trillion provision for the year.

He said such provision eroded oil gains as Nigerian National Petroleum Company, (NNPC) Limited failed to remit revenue to the Federation Accounts.

Obi also stated: “We have spent over $40 billion on subsidy.

“Our total education expenditure in the past 10 years is about N8 trillion (about $20 billion on $400/$1). This is 50 percent of it.”

According to the presidential hopeful, “if we spent $20 billion on power, we would have been generating and distributing 20,000 Megawatts (MW) of electricity today.

“It means subsidy alone would have solved a lot of issues in our education, health and power.

“If we have 20,000MW, we will be growing at more than 4 percent and add over $100 billion to our GDP.”

The former Governor of Anambra State said: “Within the same period, we have borrowed $90 billion, which we are servicing.

“With this, you could see total mismanagement of resources that could have changed the entire North… that vast land would have been huge farmland.”

In respect of how he would handle the current subsidy regime, Obi submitted: “We have to study and look at it critically.

“Because I would remove it, but I have to offer them what would be equivalent to what we are removing.

“Yes, I am going to use the resources to do something that would benefit, but if I am not going to do that I am not going to remove it.”

He as well stated: “You must be able to offer something in replacement for what you are going to do.

“I cannot spend $40 billion on subsidy and expend 50 percent of it on education and health even security.

On whether subsidy is more important than the security of lives and property of Nigerians, “I have been saying subsidy is a scam, and I will continue to say it.

“There are so many scams all over the place, including the cost of governance.”

‘Vehicle drivers’ piloting Nigeria’s affairs

On Nigeria, Obi said Nigeria’s affairs were being piloted by ‘vehicle drivers’ instead of professional and certified pilots.

“Nigerians have consistently hired vehicle drivers instead of qualified pilots to pilot Nigeria’s affairs.

“My commitment is to let our campaign dwell on challenges in the country. There are a lot of problems besieging this country,” said he.

Obi also noted: “This country will soon default on its debt servicing. This is what should be preoccupying us now. Universities have shut down and we are talking about who we’ll vote for. Let’s deal with the issues.

2023 won’t be based on ‘my turn’, ethnicity, religion

“This election will not be based on ‘my turn’, ethnicity, and religion. It will be based on a Nigerian agenda to save this Nigeria. Nigeria is in a coma, and it needs a specialist, and that is why I’m offering to save its life or it will die.”

Meanwhile, the LP presidential candidate has announced Sen. Datti Baba-Ahmed, a former Federal lawmaker, as his running mate in the 2023 presidential election.

Obi made the announcement Friday, July 8, 2022, at an event in Abuja, FCT.

He disclosed the decision followed a series of consultations with stakeholders.

Obi stated in his address: “I thank all those gathered here today.

“They will bear witness and lay claim to being present on the day when the journey to Nigeria’s rebirth began.

“It is my honour to inform you, my fellow Nigerians and especially the ‘OBIdients’ that finally, after very long and wide consultations, we in the Labour Party have found an eminently qualified Nigerian who will be my partner as we embark on our march to a secure, united and productive Nigeria.”

The LP presidential flagbearer said: “I have the distinct honour of presenting to you, my friend and running mate, and God willing, the next Vice President of the Federal Republic of Nigeria Senator Yusuf Datti Baba-Ahmed, who has been described as ‘one of Nigeria’s youngest and brightest personalities’ who has distinguished himself in various areas of human endeavours.”

Sen. Baba-Ahmed represented Zaria in the House of Representatives from 2003 to 2007, and later Kaduna North senatorial district between 2011 and 2012.

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