Atiku Promises to Restore Petrol Subsidy If Elected President

African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has promised to restore the petrol subsidy if elected president in the 2027 general election.

Atiku made the pledge during an interview on Wednesday, saying the government had failed to account for the funds saved following the removal of the subsidy.

He said he did not oppose the decision to remove the subsidy but questioned how the savings had been utilised, arguing that the funds were meant to reduce poverty, improve education and support development across the country.

“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.

He added, “If elected, I will bring back the oil subsidy, and whoever stole the money must refund it.”

Atiku said the subsidy removal could have been justified if the savings had been channelled into development projects, security, education and opportunities for young Nigerians.

President Bola Tinubu announced the removal of the petrol subsidy during his inaugural address on May 29, 2023. The decision led to a sharp increase in the cost of living and the prices of goods and services across the country.

However, some state governors have acknowledged that their monthly allocations from the Federation Account Allocation Committee increased significantly following the subsidy removal.

Also on Wednesday, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said Nigeria generated N15.8 trillion in resources for the federation from savings associated with the subsidy removal between June 2023 and December 2025.

Oyedele explained that the increase was reflected largely through higher revenue collections, particularly as the naira value of dollar-denominated transactions rose following the exchange-rate reforms.