The presidential candidate of the New Democratic Congress (NDC), Peter Obi, has criticised the Federal Government’s 30-day petrol price discount, describing the measure as a reactive policy that fails to address the economic hardship faced by Nigerians. Obi, in a statement posted on X, said the initiative by the All…...
The presidential candidate of the New Democratic Congress (NDC), Peter Obi, has criticised the Federal Government’s 30-day petrol price discount, describing the measure as a reactive policy that fails to address the economic hardship faced by Nigerians.
Obi, in a statement posted on X, said the initiative by the All Progressives Congress-led administration was an attempt to provide temporary relief from the hardship he attributed to the removal of fuel subsidy without adequate planning or consultation.
“The announcement by the APC led Federal Government offering a 30-day discount on price of petrol to relieve the acute hardship and hunger caused Nigerians by its unplanned removal of subsidy can only be described as another very reactive and confused approach to governance that is now the culture of the Tinubu Government,” he said.
The former Anambra State governor explained that he delayed his response to the announcement to observe its impact before commenting on the policy.
“I had delayed in reacting to the announcement just to give the benefit of doubt and watch the outcome of the policy. Now, having assessed the outcomes, the policy is a substitution of political optics for sound policy,” Obi stated.
He recalled that President Bola Tinubu removed the petrol subsidy on May 29, 2023, arguing that the decision was taken without adequate consultation or assessment of its potential effects on the economy and the livelihoods of ordinary Nigerians.
Obi also criticised the subsequent floating of the naira and tax reforms, saying the policies were poorly sequenced and implemented.
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According to him, the combined effects of the measures contributed to inflation and rising prices across different sectors of the economy.
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“Collectively, these policies stoked inflation in all sectors, pushing in most cases unbearable price hikes across board which placed severe shocks and other adverse consequences on Nigerians,” he said.
Obi listed what he described as the consequences of the government’s economic policies, including rising multidimensional poverty, higher costs of goods and services, shrinking business opportunities, unemployment, insecurity, widening inequality and the migration of young Nigerians.
He also accused the administration of failing to conduct and publish regulatory impact assessments of its policies before implementation.
“With a detailed and published regulatory impact assessment of policies, a competent government would have pursued robust and sincere engagements and consultations with key stakeholders and ordinary Nigerians to recraft and implement inclusive and sustainable socio-economic growth strategies and policies,” he said.
Questioning the expected impact of the 30-day petrol discount, Obi asked whether the measure would address the underlying economic challenges confronting the country.
“What really does the President Bola Tinubu led government want to achieve with a one-month discount of less than 5% on fuel cost. Will it reduce poverty, unemployment, insecurity, and inequality? Will it increase productivity and exports?” he asked.
He further questioned whether the discount was intended to determine if fuel subsidy should be restored or whether it was politically motivated ahead of the 2027 general election.
“Is it a test to ascertain if subsidy should be restored? Is it another political gambit in the face of threats of electoral loss in the 2027 election? Too many questions, no answer!” Obi said.