Presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar, has said he would restore the petrol subsidy if elected president in the 2027 general election.
Atiku made the pledge during an interview on Wednesday, arguing that the Federal Government had failed to adequately account for the funds generated from the removal of the subsidy.
He said he did not initially oppose the removal of the subsidy but questioned what happened to the resources that were expected to be saved from the policy.
“I did not oppose the removal of the oil subsidy, but where is the money? Where did it go?”
Atiku said the savings from the subsidy removal were expected to be used to reduce poverty, improve education and create opportunities for Nigerians.
“If elected, I will bring back the oil subsidy, and whoever stole the money must refund it.”
The former vice-president said the removal of the subsidy could have been justified if the resulting savings had been invested in development projects, security, education and opportunities for young Nigerians.
“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.”
He added that if elected, he could remove the subsidy and properly deploy the resources towards those areas.
President Bola Tinubu announced the removal of the petrol subsidy during his inaugural address on May 29, 2023. The policy immediately contributed to a sharp increase in petrol prices and added pressure to the cost of living as the prices of goods and services rose.
Some state governors have subsequently acknowledged that their monthly allocations from the Federation Account Allocation Committee (FAAC) have increased significantly since the subsidy was removed.
Oyedele: Reforms Generated ₦15.8trn
The development comes as the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said on Wednesday that the subsidy removal and foreign exchange reforms generated ₦15.8 trillion in resources for the federation between June 2023 and December 2025.
Oyedele explained that the savings were reflected through increased revenue collections, particularly because the naira value of dollar-denominated transactions increased following the foreign exchange reforms.
Atiku’s proposal therefore places the management and use of subsidy-related savings at the centre of his economic argument ahead of the 2027 presidential election.
Source: Atiku Abubakar
