African Democratic Congress (ADC) presidential candidate Atiku Abubakar has pledged to restore Nigeria’s petrol subsidy if elected president in the 2027 general election.
Atiku made the pledge during an interview on the PAP programme on Wednesday, arguing that the removal of the subsidy had failed to translate into improved living conditions for Nigerians.
He said he had not opposed the decision to remove the subsidy but questioned how the resulting savings had been spent.
“I did not oppose the removal of the oil subsidy, but where is the money? Where did it go?” Atiku said in Hausa.
According to the former vice-president, the savings were expected to be used to reduce poverty, improve education and support other areas of national development.
He alleged that the funds had not been adequately accounted for and promised to restore the subsidy if elected.
“If elected, I will bring back the oil subsidy, and whoever stole the money must refund it,” he said.
Atiku said subsidy removal could have been justified if the savings had been invested in development projects, security, education and employment opportunities for young Nigerians.
“The government successfully removed the subsidy, but we do not know where the money went,” he said.
He added that, if elected, his administration would ensure that available resources were properly deployed to address the country’s major challenges.
President Bola Ahmed Tinubu announced the removal of the petrol subsidy during his inaugural address on 29 May 2023, bringing an end to the long-standing government intervention in petrol pricing.
The policy was followed by a sharp increase in petrol prices and higher costs for goods and services across the country.
However, several state governors have said their monthly allocations from the Federation Account Allocation Committee (FAAC) have risen substantially since the subsidy was removed.
Also on Wednesday, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the removal of the petrol subsidy had generated N15.8 trillion in additional resources for the federation between June 2023 and December 2025.
Oyedele attributed the increase partly to higher revenue collections and the impact of exchange-rate reforms, which increased the naira value of dollar-denominated transactions.
Atiku’s pledge to restore the subsidy is likely to become a major issue in the 2027 presidential contest, as political parties and candidates debate the economic impact of the Tinubu administration’s reforms.
