Nigeria operates multiple exchange rates that allow some companies to get dollars cheaply while the majority of forex buyers pay higher rates on the black market, and the government spends billions of dollars a year on petrol subsidies.
Labour Party candidate Peter Obi said he would "demand the transparent liberalization of the foreign exchange market" if elected on Feb 25. He would dismantle a multiple-rate naira regime that "effectively subsidises a few privileged persons, whilst depriving government of badly needed revenues," his manifesto said, adding that "unaffordable subsidies" would also be recalibrated for the benefit of poorer citizens.
The manifesto, which made no specific mention of fuel subsidies, said Obi would aim to gradually wean the economy off its reliance on oil by ramping up agriculture output and exports and transitioning to clean energy, while the electricity grid's capacity would be doubled to 25,000 MW within two years.
Many of Obi's backers were prominent in protests against police brutality in 2020 that ended with security forces opening fire on unarmed civilians. He is alsoWhile political analysts do not expect the 61-year-old to win the election, they say he may garner enough support from voters disenchanted by the mainstream ruling All Progressives Congress party and opposition People's Democratic Party to find a role as kingmaker.
He is the people's candidate. He doesn't belong to the class of corrupt Nigerian politicians who have held the country down for years.
He's more than just the 'anti-establishment' presidency candidate. He is the people's candidate. The only candidate whose core support base crosses tribal and religious divides. Get that right. In a free and fair election, he wins. And it wouldn't be close. But....
Anti-establishment for someone who has been part of the ruling political class for 20 years plus while moving from one political party to another is an obvious misleading journalism.
Nigeria incoming President by the special grace of God Almighty.
How can a wealthy former Governor be an anti-establishment. He's the establishment along with the other candidates.
Nigeria Incoming President, H.E. Mr Peter Obi, by the special grace of God Almighty.
My president 🥰❤️
Yes that's our president...💯
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