Nigeria Democratic Congress, NDC, presidential candidate Peter Obi has criticised the Federal Government’s 30-day petrol discount initiative, describing it as a reactive policy that offers limited relief to Nigerians struggling with rising living costs.
Obi argued that the discount, which is available at Nigerian National Petroleum Company Limited (NNPC Ltd) retail stations, would reach only a small proportion of petrol stations nationwide and was unlikely to address the economic hardship facing citizens.
He made the remarks in a statement posted via his X on Sunday titled “One Month Discount on Petrol: From Reactive Policies to Flawed Outcomes,” in which he also called for the restoration of fuel subsidy alongside targeted support for agriculture, healthcare, education and infrastructure.
According to Obi, the Federal Government said the discount would be available at about 900 NNPC Retail stations out of an estimated 24,000 petrol stations across Nigeria.
He said this meant that fewer than four per cent of petrol stations would offer the discount, with priority given to public transport operators.
Using an estimated national population of 243 million, Obi said the figures translated to approximately 243,000 Nigerians per NNPC Retail station, assuming an even distribution of the outlets across the country.
“Imagine 243,000 Nigerians struggling for a ₦66.00 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.
Obi said he had delayed his response to President Bola Tinubu’s October 1 announcement to assess the policy’s outcome, but concluded that it substituted political optics for sound economic planning.
He recalled that Tinubu announced the removal of fuel subsidy on May 29, 2023, arguing that the decision was made without adequate consultation or a proper assessment of its potential effects on the economy and ordinary Nigerians.
The former presidential candidate also criticised the subsequent floating of the naira and tax reforms, saying the policies were poorly sequenced and implemented in a disorganised and insensitive manner.
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According to him, the combined effects of the policies contributed to rising inflation, higher prices of goods and services, declining business opportunities, unemployment, insecurity and widening inequality.
Obi further linked the economic difficulties to increasing poverty, business closures, the migration of young Nigerians and a general decline in citizens’ welfare.
He accused the Tinubu administration of failing to conduct and publish detailed regulatory impact assessments of its policies before implementation.
He argued that a more effective approach would involve consultations with stakeholders and ordinary Nigerians to develop inclusive and sustainable strategies for economic growth.
Questioning the purpose of the 30-day discount, Obi asked whether it would significantly reduce poverty, unemployment, insecurity and inequality or improve productivity and exports.
He also questioned whether the initiative was intended to assess the case for restoring subsidy or represented a political move ahead of the 2027 general elections.
“Too many questions, no answer!” he said.
Obi maintained that subsidy should be restored, not only on petrol but also in agriculture, healthcare, education and infrastructure, arguing that Nigeria’s current revenue and potential earnings under a productive, transparent and competent government could support such interventions.
He said his proposed approach would focus on reducing the cost of living through welfare-enhancing pricing policies and transparent administration.
“It is clear that President Tinubu’s October 1 policy announcement is neither of that. It is plain political optics masked as policy. Nigerians are tired of those gimmicks. It is time for real change,” he said.
Obi added that he would provide a more detailed explanation of his position on subsidy and outline a policy roadmap for fair, transparent and affordable petroleum pricing.
“A new Nigeria is POssible. Nigeria will be OK!” he added.