On oil theft, Obi said oil is not a commodity that ordinary folks could steal because the logistics involved are beyond their reach.
By Ishaya Ibrahim, News Editor
Labour Party presidential candidate, Peter Obi, has listed the measures he would take to reposition the Nigerian economy if elected president in next year’s poll.
At the Private Sector Economic Forum on the 2023 presidential election held at Lagos Chamber of Comerce and Industry (LCCI), Obi said the Nigerian economy is crippled by the trio of oil theft, fuel subsidy fraud and general wastages.
The Labour party presidential candidate accused the Nigerian government of colluding with oil thieves that have been plundering Nigeria’s oil wealth.
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Obi said oil is not a commodity that ordinary folks could steal because the logistics involved are beyond their reach.
He said: “Who is stealing the oil? It is the government. Nobody here (pointing at the audience) can steal oil. For you to steal oil, you will need a ship. And for you to use a ship on Nigetian waters, you must get approval from the Navy. So, oil theft is official stealing.”
Obi said under his watch, oil theft will be dealt with.
The Labour Party flagbearer said Nigeria lost over N1.2 trillion to oil theft in the month of July this year. He said the money is much bigger for the month of August.
According to Obi, Nigeria’s loss for just one month of oil theft is enough to pay off the 2009 funding agreement the Nigerian government signed with the Academic Staff Union of Universities (ASUU).
The former Anambra State Governor said he would address Nigeria’s liquidity challenge head on by first securing the country and investing in the productive capacity of the people. “It is the job of the government to create jobs in order to get taxes,” he said.
Citing example with China, he said its nearly 80 percent budget of $4trillion came from taxes.
On reducing the overbearing government influence on he economy, Obi said he would trim the exclusive list if elected president, with some key areas like agriculture and education going to the states and local government.
He added that he would ensure that all Nigerian assets are private sector driven.
On insecurity, Obi said he would ensure multi-layer policing, which would require the federal, state and local government owning their own security structure.
On stabilising the exchange rate, Obi said he would prohibit the spending of dollars in Nigeria. He said Airlines would not be allowed to sell tickets to Nigerians in dollars, and those in the breach would have their operating licence revoked.
He also said there will be no duty waiver under his watch to favoured business owners. He said if such would be given, it must be for critical imports like health equipment which would be strictly for public hospitals.
On fuel subsidy, Obi said it is an organised crime. He said half of what is termed subsidy is basically corruption. He said fuel subsidy would be removed and local refiners empowered to produce refined oil for local consumption. According to Obi, the crude would be sold to the local refiners in Naira.
Earlier, the LCCI president, Asiwaju Michael Olawale-Cole, said the 2023 election presents an opportunity for Nigerians to put the right people in leadership position. He said if the wrong person gets in, it will spell doom for the country. He said businesses, properties and live will be affected.
The moderator of the discussion who is the chairman of LCCI Economics and Statistics Committee, Dr Ayo Teriba, earlier told Obi to explain his economic plans using the four metrics of liquidity (debt, government revenue, Foreign Direct Investment), Stability (Energy price, food price etc), Growth (income, export) and harmony (socio-economic happiness,peace and safety.)
The LCCI Private Sector Economic Forum brings leading presidential candidates to unveil their economic plans to the chamber.
Recall that the Peoples Democratic Party (PDP) presidential candidate, Atiku Abubakar, also discussed his economic plans at the LCCI last week.
The All Progressives Congress (APC) presidential candidate, Bola Tinubu, is expected to make his presentation in October.
