Former Vice President and presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar, has pledged to restore petrol subsidy if elected in 2027, arguing that Nigerians have not benefited sufficiently from its removal.
Atiku made the declaration during an interview on Wednesday, questioning how the funds generated from the removal of the subsidy by President Bola Tinubu in May 2023 had been utilised.
“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.
“If elected, I will bring back the oil subsidy, and whoever stole the money must refund it.”
His position came on the same day the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the subsidy removal generated N15.8 trillion in resources for the federation between June 2023 and December 2025.
Oyedele said the figure reflected increased revenue mobilisation, including the impact of the naira value of dollar-denominated transactions following the government’s exchange-rate reforms.
Atiku, however, rejected the government’s account of the gains from the reforms, with his camp challenging the Tinubu administration to transparently reconcile about N30 trillion in federation revenues, deductions, savings and transfers.
The former vice-president said the resources freed by the subsidy removal should have resulted in more visible improvements in Nigerians’ living conditions, particularly in security, education, infrastructure and employment.
“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.”
The removal of the subsidy remains one of the most significant economic policies of the Tinubu administration. Its immediate impact included a sharp increase in petrol prices, which triggered higher transportation and food costs and worsened the cost-of-living crisis.
The policy has also contributed to increased monthly allocations to the three tiers of government through the Federation Account, with several state governors acknowledging higher receipts from the Federation Account Allocation Committee (FAAC).
Atiku’s latest position marks a departure from his stance during the 2023 presidential campaign. In December 2022, while contesting under the Peoples Democratic Party (PDP), he had pledged to remove the fuel subsidy within his first 100 days in office.
His new pledge is expected to make the subsidy regime a major issue in the 2027 presidential contest as opposition candidates seek to challenge the economic policies of the Tinubu administration.
Omoyele Sowore, the presidential candidate of the African Action Congress (AAC), has also promised to restore petrol subsidy if elected, arguing earlier this month that the government was still subsidising petrol and the naira despite declaring an end to the subsidy regime.
With the 2027 election campaign gradually taking shape, competing claims over the savings from subsidy removal and whether the funds have translated into tangible benefits for Nigerians are likely to feature prominently in the political contest.
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