African Democratic Congress (ADC) presidential candidate Peter Obi has criticised President Bola Tinubu’s administration over its 30-day petrol discount initiative, describing the policy as a political gesture that offers little lasting relief to Nigerians.
Obi argued that the temporary price reduction would not adequately address the rising cost of living and other economic challenges following the removal of petrol subsidy in May 2023. He also called for the restoration of fuel subsidy and broader interventions to ease the burden on households and businesses.
The former Anambra State governor stated his position in a post on X on Sunday, following the Federal Government’s announcement of the discount scheme.
Finance Minister and Coordinating Minister of the Economy, Taiwo Oyedele, had announced the measure during a briefing in Abuja on Thursday. He explained that the arrangement would provide a temporary margin discount at Nigerian National Petroleum Company Limited (NNPC) retail outlets, with public transport operators given priority.
Oyedele also clarified that the initiative did not amount to a return to petrol subsidy.
Obi, however, questioned whether a discount of less than five per cent on petrol prices could significantly reduce poverty, unemployment, insecurity and inequality or improve productivity and exports.
“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 the initiative was intended to assess the possibility of restoring subsidy or was influenced by political considerations ahead of the 2027 general elections.
“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!” he said.
Obi said he had taken time to assess the announcement before responding but concluded that the measure prioritised political considerations over sound economic planning.
He faulted the manner in which the fuel subsidy removal was implemented on May 29, 2023, arguing that the government had not adequately consulted stakeholders or assessed the potential consequences for citizens and the wider economy.
He also criticised the administration’s foreign exchange reforms, tax policies and management of multiple budgets, alleging that poor coordination and implementation had weakened transparency and accountability.
According to Obi, the combined effects of these policies have contributed to rising prices, unemployment, business closures, insecurity and widening inequality. He also linked the economic pressure to the increasing number of young Nigerians seeking opportunities abroad.
The ADC candidate called for detailed regulatory impact assessments before major policies are introduced, alongside broader consultations with businesses, experts and ordinary citizens.
He maintained that economic reforms should be carefully planned and designed to support inclusive growth while limiting the burden on vulnerable households.
Obi also raised concerns about the limited number of outlets expected to offer the discount, citing an estimate of about 900 NNPC retail stations compared with approximately 24,000 petrol stations nationwide.
Based on those figures, he argued that the initiative would be accessible through fewer than four per cent of filling stations, potentially limiting its reach, particularly in areas with few NNPC outlets.
Using an estimated population of 243 million, he questioned whether the arrangement could provide meaningful relief to a significant proportion of Nigerians.
“Imagine 243,000 Nigerians struggling for a N66.00/per litre discount in each of the NNPC petrol stations. This is certainly not how to govern a richly blessed and endowed nation!” he said.
The figures and projections were cited by Obi in his criticism of the scheme.
Obi said he was preparing a more detailed position on fuel subsidy, alongside a proposed policy roadmap for ensuring fair, transparent and affordable petroleum pricing.
He argued that government support should extend beyond petrol to critical sectors such as agriculture, healthcare, education and infrastructure.
According to him, Nigeria could finance such interventions through a productive economy supported by transparent and competent management of public resources.
“Beyond subsidy, it is important that we have a leadership that is focused on policies that drastically reduce the cost of living through welfare-enhancing pricing policy and honest administration of same,” he said.
Obi concluded that the temporary discount announced by the Federal Government on October 1 would not deliver the sustained economic relief Nigerians need, describing the initiative as a political gimmick.
“Nigerians are tired of those gimmicks. It is time for real change,” he added.
