Prominent Nigerian businessman and philanthropist Cosmas Maduka has suggested that former Labour Party presidential candidate Peter Obi would have implemented similar economic policies to those currently pursued by President Bola Tinubu’s administration.
Speaking on MIC ON PODCAST from 3:24, Maduka expressed confidence in Nigeria’s current economic direction. “I believe, with no ambiguity, that we are on the right direction,” he stated. “People have asked me if Peter Obi would have done anything different if he won the election, and I said no, because he would have removed subsidy from day one also.”
Acknowledging potential criticism of his perspective on the subsidy removal, he said, “But you know it’s hard for me to say this, because people will say, ‘You’re a rich man, what are you talking about.'”
The businessman however emphasized the importance of responsible management of subsidy removal savings: “What I’m saying is that the government should be more disciplined to use the money they have removed in the subsidy to put it in infrastructure. So that people, that you have taken from them those who are flying private jets from subsidy money, and their business has been spoiled, will see the effect of that money.”
He warned against misuse of these funds from the subsidy removal: “But if you collect that money from them and squander it on yourself, and put it in a venture that favours yourself, you are coming from one tomb to another tomb, you haven’t gone anywhere.”
Addressing concerns about national debt and more borrowing by the government, he offered a nuanced perspective: “The borrowing of a country is not a problem; the question is, are you borrowing for capital development? Are you borrowing for infrastructural development, because it will pay back for itself?”
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