The Presidency has taken issue with former Vice President Atiku Abubakar’s recent vow to restore fuel subsidy if elected in 2027, describing the promise as a sharp departure from his earlier economic position.
Spokesman Bayo Onanuga said the pledge lacks fiscal sense, is retrogressive, and runs counter to the interest of Nigerians. He dismissed Atiku’s claim that the government wasted ₦30 trillion after subsidy removal, calling the figure imaginary.
Onanuga pointed out that reinstating the subsidy would clash with the Petroleum Industry Act, which left no room for it. He added that such a move would also derail progress in the oil sector and discourage private investment, especially at the Dangote Refinery and other local facilities that were only possible after the subsidy ended.
He stressed that Nigeria’s petroleum landscape has changed significantly since 2023. With local refining now in place, the country has moved from heavy importation of refined products to exporting them, easing pressure on foreign exchange. The funds that would have gone into subsidy payments, he said, are now shared among the three tiers of government, helping states meet salaries and fund projects more comfortably.
Onanuga noted that returning to the old system could reverse these gains, hurt smaller local refineries, and lead to job losses. He challenged Atiku to explain how he plans to fund and sustain the subsidy without putting the economy under strain.
