The Obi-Kwankwaso Movement (OK Movement) has defended his decision to restore the petrol subsidy if elected in 2027, despite his repeated calls to remove the subsidy regime during the 2019 and 2023 election cycles.
Mr Obi, who was the Peoples Democratic Party (PDP) vice-presidential candidate in 2019, repeatedly criticised the petrol subsidy and said it should be removed.
|
|
He argued that a “serious government” would redirect subsidy funds to critical sectors such as education and healthcare.
In 2023, Mr Obi, who has consistently advocated a greater role for the private sector in the economy, again promised to remove the subsidy, describing it as wasteful.
|
|
|
|---|
Speaking at the 2026 Nigerian Bar Association (NBA) conference in Port Harcourt, Rivers State, he said the current administration’s mismanagement of savings from subsidy removal was not enough reason to reverse the policy.
“I subscribe to and maintain that you need to remove subsidy. Mismanagement of the proceeds shouldn’t be the reason for not removing it,” the former Anambra State governor said.
But Mr Obi, the presidential candidate of the Nigeria Democratic Congress (NDC) in the 16 January 2027 election, appeared to change his position in a BBC interview on Tuesday, 6 October, saying he would restore the subsidy if elected president.
Stay Ahead with Premium Times
Follow us on Google News and never miss breaking stories, investigations, and in-depth reporting.
Add as a preferred source on Google
He argued that the subsidy regime’s major problem was the corruption surrounding its implementation.
“I’ll remove the corruption and retain the subsidy,” he said. Previously, he was unequivocal about removing the petrol subsidy.
Mr Obi also explained how he intended to tackle corruption, arguing that his anti-corruption strategy would centre on the president’s conduct and that of his immediate family.
“If you are not stealing, if you are not involved, your wife and family are not involved, you reduce it by 50 per cent,” the presidential candidate said.
OK Movement defends Obi
Emmanuel Idakwo, a spokesperson for the OK Movement, defended the candidate’s position, insisting he has been consistent on petrol subsidy.
Speaking on Arise Television’s News Night on Wednesday, Mr Idakwo said Mr Obi’s promise to restore subsidy was consistent with his earlier position that the old subsidy regime had to be removed because of corruption.
“He has been consistent in what he has been saying,” Mr Idakwo said. “He has made it very clear since 2023 that the subsidy regime that we had then must be removed, and that is because of the corruption in that subsidy regime.”
‘Not the exact old regime’
Mr Idakwo said Mr Obi’s proposed subsidy would not be a return to the system that existed before its removal.
“The moment you remove that subsidy regime, you have to tackle the corruption, and then it’s still necessary to make fuel affordable,” he said.
“You would still reinstate the subsidy, but it will not be the exact old subsidy regime we had,” he added.
Mr Idakwo said Nigerians would trust Mr Obi because he is willing to be open about the policy.
He also criticised President Bola Tinubu’s administration, arguing that Mr Obi would take more time to study government finances and policies before making major decisions.
“Unlike what we experienced in 2023, where Mr Tinubu just came in without studying the books,” he said.
Mr Idakwo also argued that the government was still effectively subsidising petrol through what he described as energy security costs running into trillions of naira annually.
He challenged the government to state openly whether such payments should be regarded as a form of subsidy.
How Obi administration will fight corruption
Asked how an Obi administration would tackle corruption, Mr Idakwo said the fight would start with the president.
“Tackling corruption starts from the commander-in-chief,” he said.
He argued that Mr Obi’s personal integrity would help reduce corruption, saying the candidate would not take a share of funds from subsidy-related activities.
Mr Idakwo said government spending would be transparent and officials would be held accountable for funds entrusted to them.
Asked how much an Obi administration would be willing to spend on subsidy, Mr Idakwo did not give a figure.
“I can assure you that you’re going to hear it from his excellency directly,” he said.
READ ALSO: 2027: NDC reacts to Dickson’s alleged plot to sabotage Peter Obi, Kwankwaso
On who would bear the cost of the subsidy, he said an Obi administration would first seek to diversify the economy, particularly through increased investment in agriculture, to reduce Nigeria’s dependence on crude oil.
He also linked the fight against corruption to recovering public funds, citing what he described as a reported ₦210 trillion that was unaccounted for at the Nigerian National Petroleum Company Limited.
On refineries
On fuel availability, Mr Idakwo said Mr Obi would prioritise increasing the number of functional refineries in the country and encourage private investors to build new ones.
He said increased domestic refining capacity and competition would reduce the likelihood of fuel shortages.
“You’ll discover that it’s very difficult for us to have fuel scarcity,” he said.
Mr Idakwo also said Nigeria needed to move from consumption to production to reduce its exposure to fluctuations in global crude prices and exchange rates.
“Nigeria must move from consumption to production,” he said.
He said increased exports would strengthen the naira and suggested that the government could reach agreements with local refineries to purchase crude in naira rather than dollars, which he said would help stabilise fuel prices.
President Tinubu announced the removal of the petrol subsidy on 29 May 2023, during his inauguration speech. Mr Tinubu has repeatedly defended the removal of the petrol subsidy and the liberalisation of the foreign exchange market as necessary to address longstanding distortions in the economy.
Other presidential candidates have also taken positions on the subsidy.
Atiku Abubakar of the African Democratic Congress (ADC) has promised to restore the subsidy. In contrast, Adewole Adebayo of the Social Democratic Party (SDP) has promised to sell petrol at ₦200 per litre within 12 months.
Seyi Makinde of the Allied Peoples Movement (APM) has rejected a return to the old subsidy regime. Meanwhile, Donald Duke of the Peoples Redemption Party (PRP) has promised to price locally consumed fuel at production cost, setting petrol at ₦ 300 per litre.
Discover more from Premium Times Nigeria
Subscribe to get the latest posts sent to your email.
More News
