The Vice-Presidential candidate of the Nigeria Democratic Congress (NDC), Rabiu Kwankwaso, has said a government led by the party’s presidential candidate, Peter Obi, would reintroduce fuel subsidy through a different approach.
Kwankwaso made the statement on Tuesday during an interview with Arise TV while discussing petrol pricing and the economic policies of President Bola Tinubu’s administration.
Asked whether the NDC’s position on fuel subsidy could affect its campaign in the North-West, Kwankwaso said the party would introduce subsidy “in our own way”.
“No, no, no, look. We are bringing subsidy in our own way,” he said.
Explaining the proposed approach, the former Kano State governor said an NDC government could invest in additional refineries to increase domestic production and reduce pressure on petrol prices.
“Now, if individuals in this country could build refineries, I see no reason why government, under certain circumstances, will not build a refinery or refineries to the extent that we achieve the minimum requirement,” he said.
Kwankwaso said the objective would be to ensure that Nigerians could buy petrol at what he described as a reasonable price.
“What is the minimum requirement? The minimum requirement is for the people across the country to go to the filling stations and buy fuel at a reasonable price,” he said.
“We, in the NDC, will do whatever it takes, really, to put the price of oil down.”
Kwankwaso also criticised Tinubu’s decision to remove petrol subsidy shortly after assuming office in May 2023.
He acknowledged that the major presidential candidates in the 2023 election had supported subsidy removal but faulted Tinubu for implementing the policy immediately without adequately addressing its potential consequences.
“And not only he decided to remove the subsidy, what he did was to remove it immediately—in fact, day one—without looking at all those possible issues that were associated with that. And that’s how we find ourselves in this total mess, economically,” he said.
Kwankwaso’s position differs in wording from recent comments by Obi, who said in August that he still supported the removal of fuel subsidy and argued that mismanagement of the proceeds from its removal should not be a reason to restore it.
The subsidy debate has remained a major issue in Nigeria’s economic and political discussions, with petrol prices continuing to face pressure from fluctuations in global crude oil prices. Reuters reported on September 21 that petrol prices had risen to around N1,400 per litre in Lagos and Abuja amid higher international oil prices.
