The presidential candidate of the Nigeria Democratic Congress (NDC), Peter Obi, has outlined a fiscal agenda that would impose a higher tax burden on wealthy individuals to fund investment in productive sectors and improve living standards for ordinary Nigerians.
Speaking during a Channels Television interview on Sunday, Obi confirmed he would pursue progressive taxation measures if elected president, stating that affluent Nigerians should contribute a larger share to national development.
"I would do that. And I would explain it to them," Obi said when asked directly whether he would tax the rich to support the poor.
He stressed that the objective extends beyond income redistribution, focusing instead on ensuring public resources are deployed to benefit the broader economy. Resources currently lost through what he described as excessive and poorly explained tax waivers would be redirected towards agriculture and other sectors capable of generating employment and driving growth.
Obi levelled sharp criticism at the Federal Government over customs duty waivers, revealing that approximately N34 trillion in waivers were issued in 2025 while the Nigeria Customs Service generated only about N7.7 trillion in revenue during the same period.
"How can you budget N54.9 trillion and then grant N34 trillion customs waivers? Even the revenue Customs made was just N7.7 trillion. So we granted almost over four times their revenue as waiver," he said.
He calculated that the waivers represented more than 70 percent of the national budget and equated to nearly 8 percent of Nigeria's Gross Domestic Product. "Which country can give 8% of its GDP as waiver without the explanation?" Obi asked.
The former Anambra State governor also highlighted concerns raised by the International Monetary Fund regarding approximately N8.8 trillion in spending executed outside the budget, arguing that the government must provide stronger accountability for the use of public funds.
According to Obi, the removal of fuel subsidies, efforts to stabilise the naira, and increases in taxation should have been accompanied by more robust measures to reduce corruption and eliminate waste in government.
On his presidential ambition, Obi clarified that he is driven not by a desire for office but by the goal of seeing Nigeria function effectively. "I've always said I'm not desperate to be Nigerian president. I'm desperate to see Nigeria work. So if it's working, I'll support whatever makes it work," he said.
He also rejected claims that his presidency would divide the country, responding to remarks by former Borno State Governor Ali Modu Sheriff, who had questioned his capacity to unify Nigeria.
Obi's fiscal proposals build on earlier campaign commitments. In May 2026, while accepting the NDC nomination at the party's convention in Abuja, he pledged to expand Nigeria's electricity generation and distribution capacity by at least 10,000 megawatts within four years — a 250 percent increase from the current output of roughly 4,000 MW. His platform spans power, healthcare, education, agriculture, security and governance.
