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HomeEconomySubsidy is a scam, Labour Party never opposed removal, says Peter Obi

Subsidy is a scam, Labour Party never opposed removal, says Peter Obi

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Presidential candidate of the Labour Party, LP has said that the party and organized labour have never been opposed to removal of subsidy.

Obi who spoke on Arise TV’s Morning Show, Wednesday, said the reason the labour union has been critical of the subsidy regime was that the government has not been able to show anything for it.

He expressed concern that the Nigerian government could have better utilized the funds currently being expended on subsidy.

According to Obi: “I will remove subsidy and look for something to replace it. The subsidy is a scam.

“It’s not going to be business as usual. You need to go back and read what one of my former aides wrote about how I used stinginess to cut the cost of governance.”

Obi further stated, “You have to convince people. People are against removal of subsidy because whenever it is done, they did not see its benefit. We did privatization, we didn’t see the benefit. What we did is we privaitize profits, we socialize nothing,” he said.

Obi stressed that his government would pay more attention to production and exporting to grow the economy and revenue, adding, “I plan to bring back a new Nigeria that everybody will be proud of.”

He added that Nigeria is not exporting enough for foreign exchange to service the country’s debt.

The Labour Party candidate also noted that what power can do to the economy is immeasurable.

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