…Says Policy Reactive, Won’t Address Hardship
Presidential candidate of New Democratic Congress, NDC, Peter Obi, has criticised Federal Government’s 30-day petrol price discount, describing measure as reactive policy that fails to address economic hardship faced by Nigerians.
Obi, in statement posted on X, said initiative by All Progressives Congress-led administration was attempt to provide temporary relief from hardship he attributed to removal of fuel subsidy without adequate planning or consultation.
“The announcement by the APC led Federal Government offering a 30-day discount on price of petrol to relieve the acute hardship and hunger caused Nigerians by its unplanned removal of subsidy can only be described as another very reactive and confused approach to governance that is now the culture of the Tinubu Government,” he said.
Former Anambra State governor explained that he delayed his response to announcement to observe its impact before commenting on policy.
“I had delayed in reacting to the announcement just to give the benefit of doubt and watch the outcome of the policy. Now, having assessed the outcomes, the policy is a substitution of political optics for sound policy,” Obi stated.
He recalled that President Bola Tinubu removed petrol subsidy on May 29, 2023, arguing that decision was taken without adequate consultation or assessment of its potential effects on economy and livelihoods of ordinary Nigerians.
Obi also criticised subsequent floating of naira and tax reforms, saying policies were poorly sequenced and implemented.
According to him, combined effects of measures contributed to inflation and rising prices across different sectors of economy.
“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,” he said.
Obi listed what he described as consequences of government’s economic policies, including rising multidimensional poverty, higher costs of goods and services, shrinking business opportunities, unemployment, insecurity, widening inequality and migration of young Nigerians.
He also accused administration of failing to conduct and publish regulatory impact assessments of its policies before implementation.
“With a detailed and published regulatory impact assessment of 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.
Questioning expected impact of 30-day petrol discount, Obi asked whether measure would address underlying economic challenges confronting country.
“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 discount was intended to determine if fuel subsidy should be restored or whether it was politically motivated ahead of 2027 general election.
“Is it a test to ascertain if subsidy should be restored? Is it another political gambit in the face of threats of electoral loss in the 2027 election? Too many questions, no answer!” Obi said.
