Labour party Presidential Candidate, Peter Obi, has described fuel subsidy in Nigeria as organized crime.
According to Vanguard, the former Anambra State governor said his government will tackle it decisively if elected president.
Obi stated this yesterday, in Lagos, at the Private Sector Economic Forum for the 2023 presidential election, organized by the Lagos Chamber of Commerce and Industry.
He also promised to immediately stop the dollarisation of the Nigerian domestic economy on resumption of office.
Obi said, “I have said it before, 50 per cent of the subsidy is corruption. That will be dealt with decisively. The subsidy will be removed where absolutely necessary.
“Second, we will start aggressively and immediately anywhere we can, local refining, especially modular refinery, driven by private sector, not government. We are going to support and ensure that the refineries are put in as quickly as possible.
“So, I assure you subsidy will not be there. Subsidy is one of the things that is driving inflation because you have huge sum of money being thrown into the system to deal with deficit budgeting to pay for the subsidy.
“As I have said before, we have to stop the dollarisation of our economy, especially the domestic economy. Under my watch, if you must operate you must charge in naira, except you are operating in the international space.”
