Presidential candidate of the Labour Party (LP), Peter Obi, has vowed to remove fuel subsidy and channel the resources to other aspects of the economy if elected president in the forthcoming 2023 presidential election.
Obi said this on Wednesday while fielding questions from the anchor of Morning Show, an Arise TV breakfast programme.
He maintained that the investments by the federal government in education and health were less than 50% of money spent on amorphous subsidy, which he noted was not contributing to national development.
“In the last 10 years, the subsidy has got over $40 billion. It’s a sinking pipe. That is; we spent over $40 billion on subsidy
“Total education expenditure in the past 12 years is about N8 trillion. So in 10 years about N8 trillion Naira.”
Obi who wondered why such action could be done in running a country noted that no country in the world where the two critical engines of economic development like health and education can be left without investments compared to the subsidy.