Former Vice-President and presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar, says he will restore the petrol subsidy if elected president in 2027.
Atiku made the promise during an interview on Wednesday, accusing the Federal Government of failing to account for the funds saved following the removal of the subsidy.
“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, “If elected, I will bring back the oil subsidy, and whoever stole the money must refund it.”
Atiku said the removal of the subsidy could have been justified if the savings had been transparently channelled into development projects and measures to improve Nigerians’ welfare.
“The government 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 the youth, it would be different.
“If elected, I can remove the subsidy and use the money to do all these properly,” he said.
President Bola Tinubu announced the removal of the petrol subsidy in his inaugural address on May 29, 2023, triggering an immediate increase in petrol prices and a rise in the cost of living across the country.
The policy has, however, increased allocations to state governments through the Federation Account Allocation Committee (FAAC), with some governors acknowledging significant increases in their monthly receipts.
Also on Wednesday, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said Nigeria had generated N15.8 trillion in resources for the federation from the effects of petrol subsidy removal between June 2023 and December 2025.
Oyedele explained that the figure reflected higher revenue collections, particularly as the naira value of dollar-denominated transactions increased following the foreign exchange reforms.
Boluwatife Enome
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