Presidential candidate of the Nigeria Democratic Congress, Peter Obi, has said he would retain the petrol subsidy if elected president in 2027, arguing that corruption, rather than the subsidy itself, is the major problem with the scheme.
Obi made the statement during an interview with the BBC on Tuesday while discussing his economic plans and approach to tackling corruption.
When asked whether he would bring back the fuel subsidy if elected, the former Anambra State governor answered in the affirmative.
“Yes. But remember, I have qualified it, not with the corruption that’s associated with it. I’ll remove the corruption and retain the subsidy,” Obi said.
The position differs from the stance associated with Obi’s 2023 presidential campaign, when he supported the removal of fuel subsidy and argued that resources used for the scheme should be redirected towards areas such as education, healthcare and infrastructure.
However, Obi said during the latest interview that his position was being misunderstood.
“From day one, I’ve talked about subsidy. I talked about corruption; corruption is the problem of subsidy,” he said.
Subsidy debate
The issue remains one of Nigeria’s major economic and political debates after President Bola Tinubu announced the end of the petrol subsidy during his inauguration on May 29, 2023.
The Tinubu administration has defended the decision as a necessary economic reform, while opposition politicians have continued to debate whether the policy should be maintained, modified or reversed.
Obi’s latest comments also come after his running mate, Rabiu Kwankwaso, said in September that an NDC administration would introduce subsidy “in our own way” if elected.
Kwankwaso has linked the proposed approach to increased domestic refining and efforts to make petrol available to Nigerians at more affordable prices.
Obi outlines anti-corruption approach
During the BBC interview, Obi also linked his proposed subsidy policy to his broader plans for fighting corruption.
He argued that the conduct of the president and members of the president’s immediate family would be important in reducing corruption within government.
“If you are not stealing, if you are not involved, your wife and family are not involved, you reduce it by 50 per cent,” he said.
Obi also rejected suggestions that he should withdraw from the 2027 presidential race in favour of another opposition candidate if a consensus arrangement emerges.
“We don’t need to step down. We need to do the right thing,” he said.
With the 2027 election approaching, the future of petrol subsidy is likely to remain a significant issue in debates over Nigeria’s economic direction.
