Peter Obi Describes Petrol Subsidy as Organised Crime

By Modupe Gbadeyanka

Former Governor of Anambra State, Mr Peter Obi, has called the payment of subsidy on petroleum by the Nigerian government an organised crime, noting that this is why it has become very difficult to remove.

On Monday at a Private Sector Economic Forum of Lagos Chamber of Commerce and Industry (LCCI), Mr Obi said the petrol subsidy payment has made oil theft thrive in the country.

The former Governor wants to become the president of Nigeria next year. He is contesting the 2023 presidential election under the Labour Party. The LCCI invited him to give his economic blueprint.

“Subsidy is an organised crime, and to stop it, we need an aggressive production of local refining,” the businessman said at the event attended by several stakeholders.

He expressed determination to manage the country’s resources well if elected as President next year, noting that his administration will prioritise agriculture.

“We have an expansive land in the north. I often say that today’s greatest physical asset is the vast uncultivated land in the north, which needs to be cultivated and invested in.

“A state like Niger state has no reason talking about statutory allocation with its high expanse of land. They have enough to feed Nigeria and export.

“When you handle insecurity, you can put people back to farms and invest in the productive assets of our country,” the former Governor disclosed.

He took a swipe at the federal government’s penchant for borrowing for consumption, saying, “under my watch, we will borrow for investment and not for consumption.”

Mr Obi said borrowing for consumption is dangerous, pointing out that “if you borrow for investment, your economy will grow.”

“The reason why things are not working here is that we borrow for consumption. We throw away the money. So debt is a component of development, but it must be used efficiently and effectively for a purpose that brings value.

“You borrow money and then throw it away that is why we have problems servicing our debt in the first place. If it were invested, it would have been used to service the debt,” he declared.