Peter Obi has rejected the Federal Government’s one-month petrol discount. The Peoples… rather, the African Democratic Congress (ADC) presidential candidate called it “plain political optics masked as policy” and urged the government to bring back fuel subsidy.
Obi made the comments on Sunday in a post on his X account.
What the Government Announced
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, unveiled the plan on Thursday. He spoke at a press briefing in Abuja on petrol prices and subsidy matters.
According to Oyedele, the discount will work as a reduction in margins at NNPC retail stations. Public transport operators will get priority. He stressed that the move does not mean a return to subsidy.
Obi Questions the Purpose
Obi said he waited before reacting so he could study the policy’s effect. He then concluded that political calculation had replaced sound economic planning.
He pointed out that the discount is below five per cent and lasts only 30 days. He then asked a series of questions. Will it cut poverty, unemployment, insecurity and inequality? Will it lift productivity and exports?
He also asked whether the scheme is a test run for restoring subsidy. Alternatively, he suggested, it may be a political move because the ruling party fears losing the 2027 election. “Too many questions, no answer!” he wrote.
Doubts Over Reach
Obi also challenged how many people the discount can actually help. He said only about 900 NNPC retail outlets will offer it. By his estimate, Nigeria has roughly 24,000 petrol stations. That means fewer than four per cent of stations will take part.
He then used a national population estimate of 243 million. Large numbers of people, he argued, would compete for a N66 per litre saving, especially where NNPC stations are few. He also doubted that the plan would truly serve transport operators.
“This is certainly not how to govern a richly blessed and endowed nation!” he said.
Criticism of Earlier Policies
Obi went further and attacked the removal of subsidy on May 29, 2023. In his view, the government acted without enough consultation or study of the likely impact on the economy and on ordinary people.
He also faulted the floating of the naira and the tax reforms. These, he alleged, were badly sequenced and poorly coordinated. He added that running several budgets at once reduced transparency and accountability.
According to Obi, these policies together pushed up inflation and living costs. He said they also deepened poverty, unemployment and inequality, and led to business closures and insecurity. He further linked the hardship to the emigration of young Nigerians.
His Proposed Approach
Obi said a competent government should publish detailed regulatory impact assessments before major decisions. It should also consult stakeholders and citizens, he said, so that policies support inclusive growth.
He insisted that subsidy should return, and not only for petrol. He listed agriculture, health, education and infrastructure as areas that need support. In his view, a well-run, transparent economy could fund such help.
Obi added that he is preparing a fuller statement on subsidy. It will come with a policy roadmap for fair, transparent and affordable pricing of petroleum products.
He closed with a sharp message about the October 1 announcement. “Nigerians are tired of those gimmicks. It is time for real change,” he said.
