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| APC presidential candidate, Mr peter Obi |
Former Anambra State Governor and Nigeria Democratic Congress (NDC) presidential candidate Peter Obi has insisted that the mismanagement of funds recovered from fuel subsidy removal should not be used as a reason to reverse the policy.
Speaking on Monday, August 24, 2026, during a panel session at the Nigerian Bar Association (NBA) Annual General Conference in Port Harcourt, Rivers State, Obi maintained his support for the removal of fuel subsidy while strongly criticising how the proceeds are being handled.
“Well, I subscribe, and I maintain that you need to remove subsidy. Mismanagement of the proceeds should not be the reason for not removing it,” Obi said.
He argued that the real challenge is not the removal itself but the failure to use the recovered resources productively. According to the Federal Government, about ₦16 trillion has been realised from the subsidy removal. Obi, however, noted that these funds are being “mismanaged and stolen.”
The former governor emphasised that the proceeds should have been channelled into critical sectors, particularly healthcare. He referenced his own manifesto, where he had earlier pledged to remove the subsidy in an organised manner and invest the savings appropriately for the benefit of Nigerians.
Obi further suggested that if the recovered funds had been saved and managed wisely, Nigeria could have significantly strengthened its sovereign wealth fund. He pointed out that such an approach, already practised by other countries, could have generated substantial monthly returns that would be available for national development priorities.
“It’s what you use the money for that is the problem,” Obi told the gathering. “We will use the money in an organised manner, or you save it. If they had saved the money and decided to do like any other country, we would have had $10 billion added to the sovereign wealth fund.”
Beyond the subsidy issue, Obi also spoke briefly about ongoing discussions around an opposition coalition. He made it clear that he would only support a coalition that genuinely prioritises the interest of the Nigerian people rather than personal or group ambitions.
Obi’s remarks come at a time when the economic impact of subsidy removal continues to generate public debate. While many Nigerians struggle with higher living costs, questions persist about transparency and the actual benefits of the policy. By separating the principle of subsidy removal from the issue of mismanagement, Obi seeks to keep the conversation focused on accountability and effective governance rather than a complete policy reversal.
His consistent position reinforces his long-standing economic message: reforms are necessary, but their success depends entirely on how the government manages the outcomes.