 |
| MR. PETER OBI Labor Party's Presidential Candidate |
The Labor Party's presidential candidate, Mr Peter Obi, has described the current oil subsidy system as a scam, saying he would offer another option, if elected president.
Speaking yesterday in a live interview on Arise TV, the presidential candidate said the oil subsidy was not good for the country's economy, promising he would not waste $40 billion in the name of subsidy/aid as in currently the APC government does.
Fuel subsidy has swallowed 1.27 trillion naira in the last five months, almost 31 percent of the 4 trillion naira set aside for the year.
This led to a sharp drop in oil profits as the Nigerian National Petroleum Corporation (NNPC) failed to transfer revenue to the federal coffers.
"We have spent over $40 billion in aid. The amount we have spent on education over the last 10 years is about N8 trillion ($20 billion), ”he said.
0 Comments