The Tinubu Support Group (TSG) has expressed concerns that former Vice President Atiku Abubakar's plan to reverse the fuel subsidy reform could have severe consequences for Nigeria's economy. According to TSG Director-General, Dr Umar Tanko Yakasai, such a move could set Nigeria back by 20 years and undermine the country's ongoing economic reforms. The group accused Atiku of playing politics with the issue ahead of the 2027 general elections.
The TSG urged Nigerians to scrutinise political promises on fuel subsidy, warning that a return to the regime could place renewed pressure on government finances. Yakasai argued that Nigeria had already gone through the difficult phase of the reform and could not afford to return to a system that placed a heavy financial burden on the government. He emphasised that the Federal Government no longer had the resources to sustain the subsidy regime.
Yakasai criticised Atiku's repeated clarifications on his position on fuel subsidy, saying the varying explanations had raised questions about his actual position on the policy. He also questioned Atiku's position on fuel subsidy since 1999, when he served as vice president and chairman of the National Economic Council under the Olusegun Obasanjo administration, through his 2023 presidential campaign. Atiku had during the 2023 campaign said he would remove fuel subsidy and sell Nigeria's four refineries.
The TSG director-general asked Nigerians to consider why Atiku changed his longstanding position on fuel subsidy removal, which he has held for over two decades. Yakasai cautioned opposition politicians against making promises that could raise unrealistic expectations among Nigerians or unsettle investors. He urged Nigerians to be wary of false promises by politicians seeking to win elections without genuine intentions to implement the policies they campaign on.
According to Yakasai, Nigeria had begun to emerge from economic difficulties associated with decades of dependence on fuel subsidy, and reversing the policy could undermine efforts to rebuild the economy. The TSG urged Nigerians to scrutinise political promises ahead of the 2027 elections, particularly those relating to fuel prices and subsidies, and consider their implications for the country's financial sustainability.
Yakasai cited recent economic indicators, which showed that Nigeria was beginning to move in the right direction. The economy grew by 4.43 per cent in the second quarter of 2026, compared with 3.89 per cent in the first quarter, while crude oil production had increased to about 1.72 million barrels per day. He said such developments should be consolidated rather than disrupted by promises to reverse existing reforms.
The International Energy Agency recently assessed that Nigeria could double energy investment within five years, underscoring the importance of policy consistency. Yakasai emphasised that at a time when Nigeria is seeking to attract more capital into its oil, gas and renewable energy sectors, political statements capable of creating uncertainty could undermine investor confidence and ultimately hurt the economy.
Key points
- The Tinubu Support Group warns that reversing fuel subsidy reform could set Nigeria back by 20 years.
- The group accused Atiku of playing politics with the issue ahead of the 2027 general elections.
- Nigeria's economy has begun to show signs of growth, with a 4.43 per cent growth in the second quarter of 2026.
