Presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar, has said he will reinstate the petrol subsidy if elected president in the 2027 general election.
Atiku made the pledge on Wednesday during an interview, accusing the Federal Government of failing to adequately account for the funds it claims to have saved since the subsidy was removed.
The former vice-president said he had no objection to the decision to end the subsidy but insisted that the savings should have been deployed to programmes capable of improving the living conditions of Nigerians.
“I did not oppose the removal of the oil subsidy, but where is the money? Where did it go?” Atiku asked.
He said the funds were expected to be used to tackle poverty, improve access to education and provide opportunities for young Nigerians.
“If elected, I will bring back the oil subsidy, and whoever stole the money must refund it,” he said.
Atiku argued that the subsidy removal would have been easier to justify if the government had demonstrated how the savings were being invested in national development.
He said his administration, if elected, would prioritise the use of public resources to address insecurity, improve education and create jobs and other economic opportunities for the youth.
“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,” he said.
President Bola Tinubu announced the removal of the petrol subsidy on May 29, 2023, shortly after assuming office.
The decision resulted in a significant increase in petrol prices, with the impact spreading to transportation, food and other essential goods and services.
The Federal Government has, however, maintained that the subsidy removal has improved government revenues and strengthened the resources available to the three tiers of government.
Some state governors have also acknowledged a substantial increase in their monthly allocations from the Federation Account Allocation Committee (FAAC) since the subsidy was scrapped.
Speaking on Wednesday, Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the subsidy reform generated N15.8 trillion in resources for the federation between June 2023 and December 2025.
Oyedele said the increase was reflected in higher revenue collections, particularly as the naira value of dollar-denominated transactions rose following the exchange-rate reforms.
Atiku's pledge to restore the subsidy is likely to become a major issue in the emerging debate over the economic policies of presidential contenders ahead of the 2027 election.
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