Peter Obi: Oil Subsidy Must End

The presidential candidate of the Labour Party, Peter Obi, on Thursday said that the oil subsidy regime in Nigeria must end.

Peter Obi said this via his Twitter handle, while sharing photos from a summit organised by the Labour Party at the International Conference Centre, Abuja.

He tweeted: “Going forward, we must look for ways to move Nigeria beyond oil. We must end this criminality called ‘oil subsidy’.

“Nigeria today is vastly polarised and wrecked by divisions that run deep along religious, ethnic and regional lines.

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‘’There is a staggering level of corruption. Our universities have remained closed for over five months. While our healthcare system remains comatose, power generation and distribution are also at an all-time low.”

The issue of fuel subsidy has been a thorny issue for stakeholders and the World Bank on Wednesday warned that the country might be facing an existential threat due to the continued payment of trillions of naira on fuel subsidy by the government, with revenue on the downturn.