Atiku Abubakar Reiterates Commitment to Restoring Fuel Subsidy

Former Vice-President Atiku Abubakar has reaffirmed his commitment to restoring fuel subsidy if elected president in 2027. As the presidential candidate of the African Democratic Congress (ADC), Atiku restated his position on the controversial policy in a social media post accompanied by a new video. He declared that his position stands and that he will restore subsidy to make life easier and more affordable for Nigerians.

Atiku's stance on fuel subsidy restoration has sparked debate, particularly given President Bola Tinubu's repeated assertions that Nigeria cannot afford to return to the policy. During a state reception in Uyo, Akwa Ibom State, on November 6, President Tinubu insisted that the country would never return to the subsidy regime. He argued that reversing the subsidy removal would expose Nigeria to serious financial difficulties.

President Tinubu defended the policy, stating that removing the subsidy on his first day in office in May 2023 was necessary to prevent Nigeria from heading towards bankruptcy. He also claimed that the policy has helped eliminate fuel smuggling, invoice falsification, and other abuses associated with the previous subsidy arrangement, while increasing revenue available to federal, state, and local governments.

Atiku, however, maintains that restoring the subsidy would provide relief to Nigerians struggling with rising transportation costs, food prices, and other economic challenges. He clarified that his proposed intervention would not involve a return to the old subsidy arrangement, which he believes was vulnerable to corruption and abuse.

According to Atiku's campaign, the proposed approach would involve a targeted and temporary subsidy tied to crude oil supplied to local refineries. This would allow them to produce and sell petroleum products at more affordable prices. The plan would also involve monitoring mechanisms to ensure that the benefits reach consumers, with a gradual withdrawal of the intervention when economic conditions improve.

Atiku recently reiterated the promise during his political engagements in Sokoto and Kebbi States. There, he also pledged to address insecurity, reopen Nigeria's land borders for legitimate trade, and create employment opportunities. This suggests that Atiku's plan for fuel subsidy restoration is part of a broader strategy to address Nigeria's economic challenges.

The debate over fuel subsidy restoration highlights the complexities of Nigeria's economic policy. As the 2027 presidential election approaches, Atiku's commitment to restoring fuel subsidy is likely to remain a contentious issue. Voters will have to weigh the potential benefits of Atiku's plan against the concerns raised by President Tinubu and others about its feasibility and potential impact on Nigeria's economy.

Key points

• Atiku Abubakar plans to restore fuel subsidy if elected president in 2027.