Peter Obi, the presidential candidate of the Nigeria Democratic Congress (NDC), has made a U-turn on his position regarding fuel subsidy. In an interview with the BBC, Obi stated that he would restore the petrol subsidy if elected president in 2027, but with the condition that the corruption associated with the scheme is removed. This statement marks a significant change from his previous position in August, when he defended the removal of petrol subsidy.
Obi's change of heart on fuel subsidy has sparked debate among Nigerians. The former Anambra State governor attributed the problem with the subsidy regime to corruption, rather than the policy itself. He emphasized that his proposed administration would retain the subsidy but operate it without corruption. Obi's position is also coming shortly after his running mate, Rabiu Kwankwaso, publicly disclosed that the NDC would introduce its own approach to subsidy if elected in 2027.
In August, Obi defended the removal of petrol subsidy, arguing that poor management of the money saved from the policy was not enough reason to reverse it. He maintained that subsidy should be removed, but the resources recovered from the policy ought to have been properly invested. However, Obi later began to make a distinction between removing the subsidy and eliminating the corruption he says has made the system ineffective.
Obi's latest statement has provided a clearer explanation of his position on fuel subsidy. He announced that he would bring back the subsidy after tackling corruption in the system. The NDC vice-presidential candidate, Rabiu Kwankwaso, also suggested that the party would consider increased investment in domestic refining to make petrol available to Nigerians at a reasonable price.
The fuel subsidy debate dates back to May 29, 2023, when President Bola Tinubu announced the end of the petrol subsidy. The decision immediately became a major issue in Nigeria's economic and political debate. Petrol prices rose sharply after the policy was implemented, with transportation costs and the prices of goods and services also affected.
Obi's argument is that government should first eliminate the corruption he says has been responsible for the failure of the scheme. He also linked the fight against corruption to the personal conduct of the president and members of the president's family. Obi was also asked about the record of former President Muhammadu Buhari, who came to power in 2015 on a strong anti-corruption message.
Obi rejected the suggestion that he should withdraw from the 2027 presidential contest if opposition parties eventually agree to field a consensus candidate. Rather than stepping aside, he said opposition politicians should concentrate on mobilising voters and doing what he considers necessary to win the election.
Key points
- Peter Obi plans to restore fuel subsidy if elected president in 2027, provided corruption is removed.
- Obi's change of heart on fuel subsidy has sparked debate among Nigerians.
- The NDC would introduce its own approach to subsidy if elected in 2027.
