By using this site, you agree to the Privacy Policy and Terms & Conditions.
Accept
Okay.ngOkay.ngOkay.ng
Font ResizerAa
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Reading: Peter Obi Advocates Gradual Fuel Subsidy Removal and Orderly Naira Floatation
Share
Font ResizerAa
Okay.ngOkay.ng
  • News
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Search
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Follow US
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
© OKN MEDIA PUBLISHING 2022 - All rights reserved
News

Peter Obi Advocates Gradual Fuel Subsidy Removal and Orderly Naira Floatation

Oluwadara Akingbohungbe
By Oluwadara Akingbohungbe
Published: June 9, 2025
Share
2 Min Read
Peter Obi
Peter Obi
SHARE

Former Labour Party presidential candidate, Peter Obi, has reiterated his position on the removal of Nigeria’s petrol subsidy and the floating of the naira currency, emphasizing that while these policies are necessary, their implementation must be gradual and well-organized.

In an interview with Arise Television aired on Monday, Obi stated, “I have consistently maintained that I would have removed the fuel subsidy. If you go to my manifesto, it is there and the steps I would have taken in an organised manner.” He criticized the current administration under President Bola Tinubu for the abrupt and poorly executed removal of the subsidy.

Obi acknowledged that the subsidy system was plagued by “criminality and corruption” and needed to end. However, he questioned the management of funds saved from subsidy removal, asking, “Since we were told that we removed it because we don’t want to borrow and that the funds will allow for investments in critical infrastructure. Billions saved. Where is it? Where is it invested in critical areas of development? Everybody knows critical areas of development — education, health, and pulling people out of poverty. Have any of these three improved? No.”

On the issue of the naira’s floatation, Obi remarked, “There is nothing wrong in floating and devaluing your currency. You do this when you have productivity. In all of this, I would have done the same thing in an organised manner.” He stressed the importance of economic productivity backing such monetary policies.

- Advertisement -

Since the subsidy removal announcement on May 29, 2023, petrol prices have surged from N190 to over N850 per litre, while the naira’s value has been allowed to fluctuate freely under market forces.

Stay Updated on the Go with Our Latest News—Join Our WhatsApp Channel Now!
TAGGED:currency devaluationeconomic policyFuel subsidy removalInfrastructure Investmentnaira floatationNigeria economyPeter Obipetrol price hikePresident Bola Tinubusubsidy corruption
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link Print
Previous Article Cristian Chivu Returns to Inter Milan as Head Coach, Replacing Simone Inzaghi
Next Article Presidency Criticizes Peter Obi’s Governance Knowledge Amid Policy Agreement

Connect with Okay on Social

FacebookLike
XFollow
InstagramFollow
TelegramFollow

Dollar/Naira Rates

Dollar to Naira Rate

Okay.ng Logo
Buy Rate ₦1,560.00
Sell Rate ₦1,570.00

Updated: 2 days ago

Displayed rates are for informational purposes only and are subject to change.

Quick Converter

- Advertisement -
- Advertisement -
Ad imageAd image
- Advertisement -
Ad imageAd image

Recent Posts

Dangote Refinery Unveils N720bn CNG Truck Fleet to Slash Fuel Costs, Save Nigeria Over N1.7trn Annually
Energy & Oil
Nigerian Troops Neutralize Terror Kingpin Mai Dada, Recover Arms in Multi-Region Operations
Security
NNPP Welcomes Possibility of Rabiu Kwankwaso Joining APC Amidst Ganduje’s Resignation
News
Tinubu’s State Visit to Saint Lucia Marks Historic Diplomatic and Cultural Engagement, Presidency Clarifies
International News
President Bola Tinubu Suspends Implementation of Financial Reporting Council Amendment Act 2023
News
- Advertisement -
Ad imageAd image

You May Also Like

News

Aminu Dantata to be Buried in Madinah After Saudi Approval

Muhammad A. Aliyu
Muhammad A. Aliyu
June 29, 2025
CrimeVideo

VIDEO: NDLEA Issues Strong Advisory to Travellers Against Carrying Unknown Bags

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 29, 2025
News

SERAP Demands Transparency from Nigeria’s Governors on Security Vote Spending

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 29, 2025
Okay.ngOkay.ng
Follow US
© OKN MEDIA PUBLISHING 2025 - All rights reserved
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
adbanner
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?