Former Vice-President Atiku Abubakar, the African Democratic Congress (ADC) presidential candidate, has promised to restore petrol subsidy if elected president in 2027, arguing that Nigerians have not benefited sufficiently from the savings generated since the policy was removed.
Atiku made the declaration during an interview on Wednesday, while questioning how the funds saved from subsidy removal had been utilised.
He said he had never opposed the removal of the subsidy itself, but maintained that the savings were expected to be channelled into areas that would improve Nigerians’ welfare, including education, security, poverty reduction and job creation.
“I did not oppose the removal of the oil subsidy, but where is the money? Where did it go?” Atiku asked, arguing that the funds appeared not to have been used for their intended purposes.
He subsequently pledged that, if elected in 2027, his administration would restore the subsidy and ensure that anyone found to have misappropriated public funds was held accountable.
Atiku’s current position represents a shift from his stance during the 2023 presidential election campaign, when he supported the removal of fuel subsidy.
During that campaign, he had promised to eliminate the subsidy within his first 100 days in office, describing the policy as unsustainable and proposing that the resulting savings should be invested in development.
President Bola Ahmed Tinubu eventually announced the removal of the petrol subsidy in his inaugural address on May 29, 2023. The decision led to a sharp increase in petrol prices, transportation costs and the prices of goods and services, contributing to the country’s cost-of-living pressures.
However, Atiku said his objection now centres on how the savings from the policy have been utilised rather than the removal itself.
He argued that the funds should have been invested in improving security, education, infrastructure and economic opportunities for young Nigerians.
The former vice-president said his administration would seek to ensure that resources generated from the sector are properly deployed for development if he wins the 2027 election.
The Federal Government, meanwhile, has maintained that subsidy removal has significantly expanded the resources available to the federal, state and local governments.
Finance Minister and Coordinating Minister of the Economy, Taiwo Oyedele, said Nigeria generated an additional N15.8 trillion between June 2023 and December 2025 following the removal of petrol subsidy.
The government has also pointed to increased Federation Account allocations to the three tiers of government as evidence of the additional fiscal resources created by the reforms.
The debate over subsidy removal, however, remains centred on whether the additional revenue generated has translated into tangible improvements in the living conditions of Nigerians.
