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Business News of Wednesday, 6 July 2022


Subsidy is a scam; I will remove it, use savings for education, health, security - Peter Obi

Labour Party presidential candidate, Peter Obi, has reiterated that Nigeria’s implementation of fuel subsidy is shambolic and a scam.

He stated that his plan is to remove subsidies and improve critical economic sectors like power, healthcare and education when he becomes president.

He said; “…we cannot spend $40bn on subsidy and less than half on education & health.”

"We've borrowed 90 billion dollars, a subsidy of 40 you could see a total mismanagement of resources that would have changed the entire north.

"Labour has never been against stopping of subsidy. If you audit what we are importing and consuming there is no way it will be this amount. People are against removal of subsidy because whatever its been done, they do not see the benefit. We did privatisation we didn't see the benefit."

"I cannot spend $40 billion on subsidy and spend 50 per cent of that money in education and health even in security; where our security budget has not been up to that. Are you saying that subsidy is more important that securing of lives and properties?"

"These are things you must do. You must be able to say if we keep this we will not get this but because of mistrust, I will say that subsidy is a scam. There is so many scam all over the place including the cost of governance."