Ralph Nwosu, a chieftain of the African Democratic Congress (ADC), has said the party’s presidential candidate, Atiku Abubakar, will sign a formal agreement with Nigerians on the price of petrol if he wins the 2027 presidential election.
Nwosu, a former national chairman of the ADC, made the disclosure on Thursday while appearing on Arise Television’s Daybreak programme.
He said Atiku’s planned campaign would not be limited to general promises on the economy.
According to him, the former vice-president would give Nigerians clear figures and commitments on the price of fuel his administration intends to deliver.
Atiku has already promised to restore fuel subsidy if elected president.
He has argued that the removal of the subsidy under President Bola Tinubu has placed a heavy burden on Nigerians through higher transportation costs, rising food prices and increased household expenses.
Nwosu said Nigerians would be given specific details of the proposed policy before Atiku assumes office.
“Atiku will sign a contract. We will soon launch our campaign proper. We are just beginning the bonfire,” Nwosu said.
He explained that the proposed agreement would contain specific commitments on the cost of petrol and other areas of Atiku’s economic programme.
“We will soon launch it, and Atiku will sign a contract with the Nigerian people. And in signing that contract, he will tell them specifically that by May 29th, this will be the cost of fuel and this is how it will go,” he said.
Nwosu said the party was already working on the policies that Atiku would pursue during the early part of his administration if he is elected.
He disclosed that preparations were also underway for a first 100 days programme. The programme, he said, would set out the actions the proposed administration intends to take instead of leaving Nigerians with broad campaign promises.
“Atiku’s campaign is already sitting down to work on his first 100th day in office, so that we don’t go ahead making reckless statements,” he said.
Atiku recently declared that he would restore the subsidy if elected president. He said his position changed after seeing the impact of the subsidy removal on Nigerians and questioning how the savings from the policy had been used.
“I initially did not oppose the removal of the fuel subsidy. But now that it has been removed, where is the money? Where has the subsidy money gone? Has it been used to improve healthcare, education or security?” Atiku had said.
He added, “If I win the presidential election, I will restore the subsidy. And anyone who stole Nigeria’s subsidy funds must return the money.”
The former vice-president has, however, made it clear that his proposal is not a return to the old petrol import subsidy arrangement.
His campaign has described the proposed intervention as a targeted approach that would support domestic refining and reduce the cost of producing petroleum products.
Atiku’s Senior Special Assistant on Public Communication, Phrank Shaibu, recently explained that the proposed policy would involve providing crude oil to local refiners at preferential terms.
The aim, according to the campaign, would be to reduce production costs and make petrol more affordable to consumers.
The ADC vice-presidential candidate, Rotimi Amaechi, has also explained that the proposed intervention would focus on local production.
“What Vice President Atiku Abubakar is proposing is not to deviate from removal of fuel subsidy or not, ours is to provide cheap crude for them to refine and sell at a cheap cost. That way, individuals will be able to buy fuel,” Amaechi said.
He added, “The how is we will encourage local production. We will only subsidise local production.”
The Tinubu administration has maintained that the subsidy was too expensive for the country to continue funding.
It has argued that resources previously used for the programme could be redirected to infrastructure, healthcare, education, security and other areas.
Atiku has continued to challenge the government’s handling of the reform. His campaign has maintained that Nigerians should receive relief from the high cost of petrol while the country develops its local refining capacity.
On Wednesday, Atiku rejected a comment by one of his aides suggesting that the proposed subsidy could eventually be phased out after the economy recovered.
The former vice-president insisted that his position remained unchanged and that he would restore the intervention if elected.
“I want to repeat categorically that when I said I would return to subsidy, I will! Nigeria is rich enough to look after the welfare of its citizens,” Atiku said.
The Presidency has criticised the proposal and questioned how much the planned subsidy would cost the country.
It has also demanded more details on how the policy would be funded and when it would eventually end.
The former ADC chairman said the party would unveil more details when the campaign formally begins.
Recall that Atiku had previously accused the Tinubu administration of failing to adequately explain what happened to the savings from subsidy removal.
In June 2024, he said Nigerians deserved clarity over the government’s handling of the policy and questioned reports concerning continued spending linked to petrol subsidy.
“Paying subsidies and lying about it is nothing to brag about. Nigerians deserve better than this deception,” Atiku said at the time.
The Presidency rejected the allegation and maintained that the petrol subsidy regime had ended.
