The African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, and his running mate, Rotimi Amaechi, have reiterated their promise to reduce the cost of petrol in Nigeria. During a visit to an NNPC filling station in Guzape, Amaechi made the pledge, stating that Atiku's plan to address the high cost of fuel would be implemented if they are elected in 2027. A member of the public asked the ADC team about their intentions regarding the high cost of fuel.
Amaechi responded, referencing Atiku's previous explanation of their plan to introduce a production subsidy to reduce the price of fuel. Atiku, who briefly stepped out of the vehicle, waved at the crowd as they left the petrol station. The interaction occurred amid renewed debate over fuel prices and the future of petrol subsidies, a major economic issue in the buildup to the 2027 presidential election.
Atiku had previously outlined his proposal for a production subsidy in his Independence Day message, describing it as a capped and budgeted scheme tied to verified fuel refined in Nigeria. The plan would not cover imported petrol and would be publicly documented and independently audited, with benefits passed on to consumers through lower pump prices. Atiku emphasized his commitment to making life affordable again.
Atiku also criticized President Bola Tinubu over transportation costs and the government's promise to reduce transport fares from October 1. He questioned the President's reference to his proposal, arguing that details of the promised transport fare reductions had not been sufficiently provided. Atiku challenged the Federal Government to publish the routes covered by the fare reductions, old and new fares, and the number of commuters expected to benefit.
The fuel subsidy debate has been a prominent feature of Amaechi's recent campaign appearances. He stated that he would withdraw his support for Atiku and campaign for Tinubu if petrol sells for N600 per litre. Amaechi also expressed his opposition to Tinubu, stating it was not based on personal hatred. The Tinubu administration removed the petrol subsidy on May 29, 2023, leading to a sharp increase in petrol prices.
The Federal Government has defended the removal of the subsidy as part of its economic reforms, arguing that it imposed a heavy financial burden on the country. The Presidency estimates that implementing Atiku's proposed petrol subsidy could cost about N19.1 trillion annually, depending on crude oil prices and other factors. Tinubu urged Nigerians not to support politicians promising to restore petrol subsidies during his Independence Day broadcast.
Atiku and Amaechi's proposal has sparked a renewed debate on the fuel subsidy regime in Nigeria. The ADC team's plan aims to reduce the cost of petrol and make life more affordable for Nigerians. The development comes as the 2027 presidential election approaches, with various candidates presenting their economic plans to the public.
Key points
- Atiku Abubakar and Rotimi Amaechi propose a production subsidy plan to reduce fuel costs in Nigeria.
- The plan involves a capped and budgeted scheme tied to verified fuel refined in Nigeria.
- The fuel subsidy debate has become a major economic issue in the buildup to the 2027 presidential election.
