Atiku promises to bring back petrol subsidy if he becomes president in 2027

The presidential candidate of the African Democratic Congress, Atiku Abubakar, has promised to bring back the petrol subsidy if he wins the presidency in the 2027 elections.

Atiku made this promise during a Hausa-language interview on the PAP programme on Wednesday. He argued that removing the subsidy has not made life better for Nigerians.

He said he did not initially oppose the removal but changed his mind after seeing the effects. "I initially did not oppose the removal of the fuel subsidy. But now that it has been removed, where is the money?" Atiku asked.

He stated that his government would restore the subsidy and pursue those who misused funds meant for it. "If I win the presidential election, I will restore the subsidy. And anyone who stole Nigeria’s subsidy funds must return the money," he said.

Atiku pointed out that the money spent on subsidising petrol could have been used for healthcare, education, security, and youth empowerment. "Now it has been removed. Where is the money? If the funds were used to improve healthcare, education, insecurity, security, and youth empowerment, things would have been better," he added.

His remarks came a day after the Federal Government shared new figures on the financial effects of its economic reforms, including the petrol subsidy removal and changes to the foreign exchange market.

Earlier on Wednesday, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said these reforms saved about ₦15.8 trillion in subsidy costs for the Federation between June 2023 and December 2025.

This amount is not just what the Federal Government kept. The Finance Ministry explained that ₦5.43 trillion went to the Federal Government, ₦6.52 trillion to states, and ₦3.88 trillion to local governments.

The ministry also reported that the Federal Government made an extra ₦3.12 trillion in revenue and borrowed ₦11.85 trillion, bringing total resources during this time to ₦20.4 trillion.

Atiku questioned the government’s savings report, saying Nigerians have not seen enough improvement in their lives. He stated that the struggles faced by Nigerians are due to corruption and injustice among political leaders. He believes public officials who mismanaged funds should be held accountable.

President Bola Tinubu announced the end of the petrol subsidy during his inauguration on 29 May 2023, stating that "fuel subsidy is gone." This led to a sharp rise in petrol prices and affected transportation, food, and other services.

The government has defended this reform, saying it was necessary to ease financial pressure and stop what they called an unsustainable subsidy plan.

The Finance Ministry’s latest report shows that the reforms have also helped boost government resources, improve foreign reserves, and lessen financial strain. But it admits that household welfare and poverty are still big issues that need to be addressed.

Atiku’s proposal sets the stage for a big policy discussion as the 2027 presidential election approaches. He aims to reverse one of the key economic decisions made by President Tinubu's government.