Senator Rabiu Musa Kwankwaso, the Vice-Presidential Candidate of the Nigeria Democratic Congress (NDC), has stated that his party will restore fuel subsidy "in its own way" if elected. In an interview with Arise News, Kwankwaso expressed concerns over the economic hardship caused by President Bola Ahmed Tinubu's removal of fuel subsidy in May 2023. He argued that the sudden removal of subsidy without adequate safeguards worsened the country's economic situation.
Kwankwaso recalled that during the 2023 campaigns, all major contenders had promised to remove subsidy, but Tinubu's immediate implementation without considering possible issues led to the current economic mess. He also criticized former Vice President Atiku Abubakar's proposal to privatize refineries, saying it lacked clarity and was more political than practical. Kwankwaso emphasized that the NDC's approach would not be a return to the old subsidy regime but a structured intervention to guarantee relief at the pump while sustaining economic stability.
The NDC's plan, according to Kwankwaso, involves expanding refinery capacity, both public and private, to ensure supply meets demand and prices remain affordable. He explained that if individuals can build refineries, there is no reason why the government cannot build refineries to achieve the minimum requirement for people to buy fuel at a reasonable price. The party aims to put the price of oil down, Kwankwaso added.
Kwankwaso's remarks come amid widespread debate over the impact of subsidy removal, which has led to soaring fuel prices, inflation, and public discontent. His pledge signals that subsidy in a redefined form could become a central campaign issue for the NDC as elections draw closer. The former Kano governor's statement has sparked discussions on the possibility of a new subsidy regime.
The removal of fuel subsidy has had a significant impact on Nigerians, with many struggling to cope with the increased cost of living. The NDC's proposal to revive subsidy in a new form has been seen as a potential solution to alleviate the suffering of Nigerians. However, the feasibility of the plan remains to be seen.
Kwankwaso's criticism of the current administration's handling of subsidy removal has resonated with many Nigerians who feel that the government's approach was abrupt and inconsiderate. The NDC's plan to expand refinery capacity and provide relief at the pump is seen as a more structured approach to addressing the issue of fuel subsidy.
As the election draws closer, the NDC's proposal to revive subsidy in a redefined form is likely to be a major campaign issue. The party's plan to provide affordable fuel prices and alleviate the suffering of Nigerians has struck a chord with many. The success of the plan, however, depends on various factors, including its feasibility and implementation.
Key points
- The NDC plans to expand refinery capacity to ensure supply meets demand and prices remain affordable.
