Atiku Pledges to Restore Fuel Subsidy If Elected President in 2027
ISSN: 2354-4481
By Phillip Clara Chinenye
Abuja, Nigeria -Former Vice-President Atiku Abubakar has pledged to restore petrol subsidy if elected president in the 2027 general election, arguing that Nigerians have yet to see sufficient benefits from the savings generated by the removal of the subsidy.
Atiku, the presidential candidate of the African Democratic Congress (ADC), made the pledge during an interview on Wednesday while questioning how the funds released by the removal of the subsidy have been utilised by the Federal Government.
“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.
He added that, if elected, his administration would restore the subsidy and ensure that anyone found to have diverted funds meant for public development would be held accountable.
“If elected, I will bring back the oil subsidy, and whoever stole the money must refund it,” he said.
Atiku’s position comes against the backdrop of a fresh government estimate of the financial gains from the subsidy reform. The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said on Wednesday that the removal of the subsidy generated about N15.8 trillion in resources for the federation between June 2023 and December 2025.
Oyedele explained that the figure reflected increased revenue mobilisation, including the impact of the naira value of dollar-denominated transactions following the government’s foreign exchange reforms.
However, Atiku and his political camp have challenged the government’s accounting of the resources generated through the reforms.
In a separate statement on Wednesday, his camp demanded a transparent reconciliation of approximately N30 trillion in federation revenues, deductions, savings and transfers which it said required proper public accountability.
The former vice-president argued that the resources freed by the subsidy removal should have translated into significant improvements in the lives of Nigerians, particularly in security, education, infrastructure and employment.
According to him, the government had successfully removed the subsidy but had failed to demonstrate how the resulting resources had been used to address the country’s major socio-economic challenges.
The removal of petrol subsidy, announced by President Bola Tinubu in May 2023, triggered a sharp increase in petrol prices and contributed to higher transportation costs, food prices and the general cost of living.
The policy has also resulted in increased monthly allocations to the three tiers of government through the Federation Account, with several state governments recording higher receipts from the Federation Account Allocation Committee.
Atiku’s latest pledge marks a reversal of his position during the 2023 presidential election campaign. In December 2022, when he was the presidential candidate of the Peoples Democratic Party, PDP, he said he would remove fuel subsidy within his first 100 days in office.
His new position has therefore placed the fuel subsidy debate at the centre of the emerging 2027 presidential contest, as opposition politicians seek to offer alternatives to the economic policies of the Tinubu administration.
Omoyele Sowore, the African Action Congress presidential candidate, has similarly pledged to restore petrol subsidy if elected, arguing that the government continues to subsidise petrol and the naira despite declaring an end to the subsidy regime.
With political activities ahead of the 2027 election gathering momentum, the management of subsidy savings, rising living costs and the broader impact of economic reforms are expected to feature prominently in the campaigns of the major presidential contenders.
