'I will Remove Oil Subsidy if Elected as President...' - Peter Obi

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.