Presidential candidate of the Nigeria Democratic Congress ((NDC), Peter Obi, has criticised the 30-day petrol discount announced by the President Bola Tinubu-led federal government, describing the initiative as a reactive policy that fails to address the economic hardship facing Nigerians.
Obi, in a post on X, said the temporary discount was an attempt to substitute “political optics for sound policy”, arguing that the government had failed to properly assess the effects of its economic reforms.
He said he delayed commenting on the announcement to allow time to assess its outcomes before concluding that the policy reflected what he described as a confused approach to governance.
Obi recalled that Tinubu removed the petrol subsidy on May 29, 2023, without adequate consultation or assessment of its potential impact on the economy and the livelihoods of ordinary Nigerians.
He also faulted the subsequent floating of the naira and tax reforms, saying the policies were poorly sequenced and implemented.
According to him, the combined effects of the policies included rising inflation, higher prices of goods and services, increasing poverty, unemployment and insecurity, as well as widening inequality and the migration of young Nigerians.
“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,” Obi said.
The former Anambra State governor accused the federal government of failing to conduct and publish detailed regulatory impact assessments of its policies.
He argued that such assessments would enable the government to consult stakeholders and citizens and develop more inclusive and sustainable economic strategies.
Obi also questioned the potential impact of the petrol discount, which he described as less than five per cent of fuel costs.
“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 initiative was intended to test public reaction to a possible restoration of subsidy or was politically motivated ahead of the 2027 elections.
Obi concluded his criticism by saying the government had raised too many questions about the policy without providing answers.
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