Former Vice-President Atiku Abubakar has promised to restore Nigeria’s petrol subsidy if elected president in 2027, arguing that the government has failed to properly account for the funds generated since the subsidy was removed.
Atiku, who is the presidential candidate of the African Democratic Congress (ADC), made the pledge during an interview on Wednesday. Speaking in Hausa, he questioned what happened to the money saved after the subsidy was scrapped.
“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.
He promised that his administration would restore the subsidy if he wins the 2027 presidential election and pursue the recovery of funds he believes were misappropriated. “If elected, I will bring back the oil subsidy, and whoever stole the money must refund it,” he said.
Atiku argued that removing the subsidy could have been justified if the resulting savings had been directed towards development. He cited security, education, poverty reduction and job creation as areas where he believes the funds should have made a greater impact.
President Bola Tinubu announced the removal of the petrol subsidy during his inaugural address on May 29, 2023. The policy led to a sharp rise in petrol prices and contributed to higher living costs as transportation, food and other goods and services became more expensive.
The policy has also increased federal allocations available to states. Some governors have acknowledged that their monthly receipts from the Federation Account Allocation Committee (FAAC) rose substantially following the subsidy removal.
The Federal Government has disputed the suggestion that the savings have not been accounted for. Finance Minister and Coordinating Minister of the Economy Taiwo Oyedele said on Wednesday that Nigeria generated N15.8 trillion in additional resources for the federation from June 2023 to December 2025 following the removal of the subsidy.
Oyedele attributed the increase partly to higher revenue collections and changes in the naira value of dollar-denominated transactions after the exchange-rate reforms. Atiku’s pledge now places the future of petrol subsidies firmly among the major economic issues likely to shape the 2027 presidential contest.
