Atiku: I Will Restore Fuel Subsidy If Elected President in 2027
Presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar, has said he would restore the petrol subsidy if Nigerians elect him president in the 2027 presidential election.
Speaking during an interview on Wednesday, Atiku said the Federal Government had failed to clearly account for the money saved following the removal of the petrol subsidy.
He said he was not opposed to the decision to remove the subsidy but questioned where the money saved from the policy had gone and what it was being used for.
“I am not opposed to the removal of the fuel subsidy, but where is the money? Where did it go? It was meant to reduce poverty and help children go to school. Where is the money now? It seems they are just stealing it,” Atiku said in Hausa.
The former vice president added that if elected president again, he would restore the subsidy and ensure that anyone who had stolen the money was made to return it.
“If you elect me, I will restore the fuel subsidy, and anyone who has stolen the money must return it,” he said.
Atiku: Money Saved Should Be Used for Development
Atiku argued that the removal of the fuel subsidy could have been a beneficial policy if the money saved had been properly channelled into projects and programmes capable of improving the lives of Nigerians.
According to him, the government could have used the savings to address some of the country's major challenges, including insecurity, education and unemployment among young people.
He said:
“The government has 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 young people, it would have been different.
“If you elect me, I can remove the subsidy and use the money to achieve all these things properly,” he said.
Atiku's comments come amid continued debate over the economic impact of the subsidy removal and how the additional revenue available to the government has been utilised.
The subsidy had for years kept the price of petrol below what it would otherwise have cost at market prices, with the Federal Government paying the difference between the regulated price and the cost of supplying the product.
Tinubu Announced End of Petrol Subsidy
President Bola Tinubu announced the removal of the petrol subsidy in his inaugural address on May 29, 2023, shortly after assuming office.
Following the announcement, the cost of living increased significantly, with the prices of goods and services rising in many parts of the country as the higher cost of petrol affected transportation and other areas of the economy.
The removal of the subsidy has remained one of the most significant economic policies of the Tinubu administration, with the government maintaining that the measure was necessary to reduce the financial burden of subsidising petrol and redirect public resources to other areas.
Some state governors have also acknowledged that the amount shared monthly to the states through the Federal Account Allocation Committee (FAAC) has increased substantially since the petrol subsidy was removed.
The increased FAAC allocations have provided additional funds to federal, state and local governments, although concerns have continued to be raised over the extent to which the additional revenue has translated into improved living conditions for ordinary Nigerians.
Federal Government Says Subsidy Removal Generated N15.8 Trillion
On Wednesday, Taiwo Oyedele, the Minister of Finance and Coordinating Minister of the Economy, said the savings resulting from the removal of the petrol subsidy had brought about approximately N15.8 trillion in additional funds for the federation between June 2023 and December 2025.
Oyedele explained that the savings were reflected in increased government revenues during the period.
He attributed part of the increase to changes in the foreign exchange system, which resulted in higher naira proceeds from dollar-denominated government revenues.
The minister's explanation provides a different perspective from Atiku's criticism, as the former vice president has argued that the government has not adequately demonstrated how the savings from subsidy removal have been deployed.
Atiku's latest promise to restore the subsidy is therefore likely to become another major issue in the debate ahead of the 2027 presidential election, particularly as political parties and candidates continue to present competing approaches to addressing the country's economic challenges.