Peter Obi Backs Tinubu’s Forex Liberalisation, Fuel Subsidy Removal
The presidential candidate of the Nigeria Democratic Congress (NDC), Peter Obi, has said he would retain President Bola Tinubu’s liberalisation of the foreign exchange market if elected president in 2027.
Obi disclosed this during an interview with Arise TV on Thursday while explaining his position on the floating of the naira introduced by the Tinubu administration in 2023.
The former Anambra State governor said he would not attempt to defend the naira through foreign exchange market interventions, but would instead focus on increasing productivity and strengthening the economy.
“It’s floated in naira. I’m not going to defend it, but I’m going to put productivity to make it more valuable to the people,” he said.
Obi also backed the removal of fuel subsidy by the Tinubu administration, which saw petrol prices rise sharply from about N238 per litre in May 2023 to between N1,310 and N1,350 per litre.
He said some of Tinubu’s economic reforms should be retained, but accompanied by policies aimed at increasing production and improving the value of the naira.
Tinubu’s forex liberalisation in 2023 contributed to a significant depreciation of the naira, with the currency falling from about N470 to the dollar to N1,329.21 per dollar.
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