Tinubu’s petrol discount political optics, not sound policy – Peter Obi

The presidential candidate of the Nigeria Democratic Congress (NDC), Peter Obi, has criticised the Federal Government’s 30-day petrol discount, describing the initiative as a reactive policy that substitutes “political optics” for sound governance.

Obi, in a statement posted on his Facebook page, said he delayed his reaction to the October 1 announcement to assess its impact before concluding that the policy was unlikely to address the economic hardship confronting Nigerians.

He questioned what the government intended to achieve with a discount of less than five per cent on petrol, asking whether the measure would reduce poverty, unemployment, insecurity and inequality or increase productivity and exports.

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“Too many questions, no answer!” Obi said.

The former Anambra State governor blamed the hardship in the country on what he described as the poorly planned removal of fuel subsidy by President Bola Tinubu’s administration on May 29, 2023, followed by the floating of the naira and tax reforms.

According to him, the policies were implemented in a “disorganized, incompetent and insensitive manner,” while the use of three budgets simultaneously further undermined transparency and accountability.

He argued that the combined effect had fuelled inflation and triggered widespread increases in the prices of goods and services, with serious consequences for the livelihoods of Nigerians.

Obi listed rising multidimensional poverty, increasing cost of living, shrinking economic opportunities, business closures, unemployment, insecurity, widening inequality and youth migration among the consequences of the government’s policies.

He also criticised the Federal Government for failing to undertake what he described as detailed and published regulatory impact assessments before implementing major economic 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.

Obi further questioned the reach of the 30-day petrol discount, noting that the Federal Government said the scheme would be available at NNPC Retail stations, estimated at 900 outlets.

He compared this figure with an estimated 24,000 petrol stations nationwide, arguing that the discount would therefore be available at fewer than four per cent of filling stations.

Using an estimated population of 243 million Nigerians, Obi said the arrangement could theoretically leave about 243,000 Nigerians relying on each NNPC Retail station, assuming an even distribution of the outlets across the country.

“Imagine 243,000 Nigerians struggling for a N66.00/per litre discount in each of the NNPC petrol stations. This is certainly not how to govern a richly blessed and endowed nation!” he said.

Obi, who has previously advocated measures aimed at reducing the cost of living, said he was preparing to release a more detailed position on fuel subsidy and a policy roadmap for achieving what he described as fair, transparent and affordable petroleum pricing.

He maintained that research into Nigeria’s current revenue and revenue potential under what he called an incorruptible, transparent and competent government supported his position that subsidies should be restored, not only for petrol but also in agriculture, health, education and infrastructure.

He, however, stressed that subsidy alone would not resolve Nigeria’s economic problems, arguing that the country needed leadership focused on policies capable of drastically reducing the cost of living through welfare-enhancing pricing policies and transparent administration.

Obi described the Tinubu administration’s October 1 petrol discount announcement as “plain political optics masked as policy,” insisting that Nigerians were tired of what he called political gimmicks.

“It is time for real change,” he added.