Presidential candidate of the Nigeria Democratic Congress, Peter Obi, has said he would restore petrol subsidy if elected president in 2027, reversing his earlier position that the subsidy should be removed.
Obi made the declaration on Tuesday during an interview with the BBC, arguing that corruption, rather than the subsidy itself, was the major problem with the scheme.
During his 2023 presidential campaign, the former Anambra State governor had promised to remove the fuel subsidy and redirect the funds to critical sectors including education, healthcare and infrastructure.
Obi said his administration would retain the subsidy after eliminating the corruption associated with its implementation. His latest position came about two weeks after his running mate, Rabiu Kwankwaso, said an NDC government would reintroduce subsidy in its own way.
Kwankwaso had explained that the proposed approach would involve greater investment in refineries and domestic petroleum production to make petrol available to Nigerians at a reasonable price. He also criticised the manner in which the Tinubu administration removed the subsidy in 2023.
President Bola Tinubu announced the end of petrol subsidy during his inauguration on May 29, 2023, saying funds previously spent on the scheme would be redirected to infrastructure, education, healthcare and job creation. The policy has since remained a major point of debate among the government and opposition figures.
Obi also rejected calls for him to step aside for another opposition candidate if parties agree on a consensus candidate for 2027. He said the opposition should focus on taking the necessary steps to win the election, as the subsidy debate continues to feature prominently in discussions about alternatives to the Tinubu administration’s economic policies.
