Labour Party’s presidential candidate in the 2023 elections, Peter Obi, has said he would have removed the fuel subsidy and floated the naira, but in a “more organised and productive” manner.

Obi, a former Anambra State governor, distanced himself from what he described as the Tinubu administration’s chaotic approach.

Speaking at an interview on Arise News, he maintained that while the removal of fuel subsidy was necessary, the execution under President Bola Tinubu lacked foresight, clarity, and transparency, ultimately failing to improve the lives of ordinary Nigerians.

“I have consistently maintained that I would have removed the fuel subsidy,” Obi stated. “But I would have done it in an organised way. The way it was handled lacked structure.

“Everyone knew the subsidy regime was fraught with corruption, but removing it should have been followed by a clear plan for reinvestment in critical sectors.”

Obi said his campaign manifesto included a detailed blueprint for eliminating subsidies while cushioning the effect on vulnerable citizens.

He lamented the absence of visible reinvestment from the billions purportedly saved since the subsidy removal.

“If we’ve saved all this money, where is it?” he asked. “Where has it been invested? In education? In healthcare? In transport? Nigerians deserve to know.”

He also challenged the government’s rationale for floating the naira without addressing the country’s lack of domestic production.

“There’s nothing wrong with devaluation or currency floating,” he said. “But you don’t do it in a vacuum. You need to be producing. Devaluation works when your economy is productive — when you have something to export and can attract investment.”

According to Obi, the naira’s sharp depreciation without a corresponding increase in exports or local output has worsened inflation and the cost of living.

“If your currency weakens and you have nothing to sell, you just make things harder for the people,” he warned.

The former presidential hopeful argued that economic decisions, subsidy removal, and currency floatation should have been preceded by nationwide consultations, fiscal discipline, and a transparent national development plan.

“You sit with operators and agree on a pricing structure. You map out where the savings will go. That’s how to win public trust,” Obi added. “Countries that have successfully removed subsidies didn’t just announce it overnight. They followed a clear strategy.”

Obi’s remarks came at a time when Nigerians are increasingly frustrated with the soaring cost of fuel, food, and essential services.

While Tinubu has urged Nigerians to bear the temporary pains with future gains in sight, critics said the government policies were plunging Nigerians into hardship by the day.