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The presidential candidate of the Nigeria Democratic Congress, Peter Obi, has said the mismanagement of proceeds from fuel subsidy removal should not be a reason for the national government to reverse the policy.
Obi stated this on Monday during a panel session at the Nigerian Bar Association Annual General Conference in Port Harcourt, Rivers State.
The former Anambra State governor said he supported the removal of the fuel subsidy but argued that the resources recovered from the policy should have been channelled into productive sectors of the economy.
“Well, I subscribe, and I maintain that you need to remove subsidy. Mismanagement of the proceeds should not be the reason for not removing it,” Obi said.
Credit: Vanguard
He argued that the government should have provided Nigerians with alternative benefits after removing the subsidy, rather than allowing the resources generated from the policy to be allegedly mismanaged.
“What we should have done is that when we remove subsidy, we would have given the people an alternative usage for the subsidy. What we have today is that that removal and attendant resources being recovered are also being mismanaged and stolen,” he said.
Obi said the proceeds should be invested in critical sectors, particularly healthcare.
According to him, the Nigerian Government had claimed to have received about ₦16 trillion from the removal of the subsidy.
“For example, we have received, according to them [the Federal Government], ₦16 trillion. I said it before; go to my manifesto and see where I said I would remove subsidy,” he said.
He maintained that the major concern should be how the resources generated from subsidy removal are utilised.
“So it’s what you use the money for that is the problem,” Obi said.
He added that the government could either invest the funds in productive sectors or save them to strengthen the country’s financial position.
Obi argued that if the resources had been saved and added to the country’s sovereign wealth fund, Nigeria would have been in a stronger position to finance development.
“If they had saved the money and decided to do like any other country, we would have had $10 billion added to the sovereign wealth fund, which, if you add it today, will be getting about $10 billion every month, which we can use for a purpose,” he said.
The Labour Party presidential candidate in the 2023 election also addressed the issue of an opposition coalition, saying he was interested in supporting only an alliance that prioritises the interests of Nigerians.
