Subsidy regime will go if I'm elected President - Peter Obi

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Labour Party presidential candidate Peter Obi has declared that the petrol subsidy system in Nigeria is "organized crime" and, if elected, he will immediately halt payments.

Nigeria spent N6.210 trillion ($16.6 billion) on petrol subsidies between 2013 and 2021.

Peter Obi
Peter Obi

The federal government announced in 2022 that it would stop subsidizing petrol as of June 2023, but Obi stated that he would halt the payments immediately upon taking office.

He argued that the money spent on subsidies should be redirected towards social development, citing education, health, and infrastructure as priorities.

"Look at this year’s budget. Education, which is the highest since this government came, is about N2 trillion. Health, which is the highest since this government came, is about N1.5 trillion. Then infrastructure, which is roads and everything, is about N1 trillion,” he said.

“These three critical development areas are receiving N4.5 trillion. Subsidy is N3.6 trillion half year. So, if it’s a full year, it is about N7 trillion. Which country will invest more in subsidy than education and health and even roads? It doesn’t make sense.”

Obi also criticized the country's high public debt as unacceptable.

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