Former Vice President and presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar, has promised to restore the petrol subsidy if elected president in the 2027 general election.
Atiku made the promise during an interview on Wednesday, according to Nigerian Tribune, while questioning the management of funds he said were saved following the removal of the subsidy.
He argued that the subsidy removal could have benefited Nigerians if the savings had been properly accounted for and invested in critical areas, including poverty reduction and education.
“I did not oppose the removal of the oil subsidy, but where is the money? Where did it go? It was intended to reduce poverty and help children attend school. Where is the money now? It seems they are just stealing it,” Atiku said in Hausa.
The former vice president said that, if elected, his administration would restore the subsidy and ensure that those accused of misappropriating the funds are held accountable.
“If elected, I will bring back the oil subsidy, and whoever stole the money must refund it,” he said.
Atiku, however, said he could reconsider the subsidy policy if the funds generated from its removal were transparently managed and channelled towards addressing the country’s development challenges.
“The government successfully removed the subsidy, but we do not know where the money went. If they had used the money for development, to solve security problems, for education, and to create opportunities for the youth, it would be different. If elected, I can remove the subsidy and use the money to do all these properly.”
President Bola Tinubu announced the removal of the petrol subsidy on May 29, 2023, shortly after assuming office, as part of his administration’s economic reform agenda.
The policy has since remained a major subject of debate, with its impact on petrol prices, transportation costs, inflation and household incomes generating widespread public concern.
