The presidential candidate of the Young Progressives Party (YPP), Peter Agada, says he will not restore the former petrol subsidy regime if elected president in 2027, but will introduce a targeted system to support vulnerable Nigerians.
Agada said his proposed policy would focus on commercial transport operators and Nigerians who depend on public transport to get to work or run their businesses.
Speaking during an interview on ARISE News on Wednesday, he said his government would use a card system to ensure that subsidies reach those who need them most.
“Well, I spoke about this about two, three days ago, and I said the subsidy regime that was on before President Bola Ahmed Tinubu came to office will not be returned, because that is not doing good to the economy of Nigeria,” he said.
He explained that his administration would identify the people and vehicles that transport the majority of Nigerians, particularly vulnerable groups, before determining how to distribute the subsidy.
“But what we will do, like I said to my friend, I said, look, we have the head, and we have the hands, and we have the time. We would sit down carefully. We would take a census from all the relevant bodies and know what persons and what vehicles are commercial and ferrying the majority of Nigerians, especially the vulnerable ones, to their places of work or running their businesses,” Agada said.
He added that the proposed card system would enable his government to provide support based on identified needs rather than extend the subsidy to everyone.
“And we will subsidise via our card system, okay, by band, as it were. We will take care of the vulnerable. We will not blanketly subsidise just everyone and make the poor pay for what the rich is enjoying,” he said.
Agada maintained that his position on fuel subsidy remained unchanged, ruling out a return to the arrangement that existed before President Bola Tinubu removed the subsidy in May 2023.
He said his personal experience importing goods into Nigeria had shown him the economic difficulties associated with the previous arrangement.
“I personally, as a person, was trying to import stuff into the country during those times when I was carrying out a major project where we imported up to 300, 400 containers of goods. I know what we suffered waiting in a queue trying to get dollars. And I know what we suffered,” he said.
According to Agada, the economic conditions at the time affected businesses and increased the cost of projects.
“The economy was terrible. At that point, I think the Naira was going for about 1,800. And I know what damage this did to me and my project and the clients,” he said.
“The economy was really, really bad. We will keep to what he has done. We will pull off that, but we will target the vulnerable.
“We will target those that really, really need to be subsidised, and we’ll subsidise them,” Agada said.
Faridah Abdulkadiri
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