Rabiu Kwankwaso, the Vice Presidential candidate of the Nigeria Democratic Congress (NDC), has stated that an administration led by the party's presidential candidate, Peter Obi, would reintroduce fuel subsidy, but in a different form. In an interview with Arise TV, Kwankwaso discussed the fuel subsidy policy of the President Bola Tinubu-led administration and the positions of presidential candidates ahead of the 2027 election. He mentioned that the NDC would achieve this by investing in refineries to increase domestic production and make petrol available to Nigerians at a reasonable price.
Kwankwaso, a former Kano State governor, emphasized that there are many ways to achieve this goal. He cited the example of a refinery built by a businessman and suggested that the government could also build refineries to meet the minimum requirement of making fuel available at a reasonable price. Kwankwaso stated that the NDC would do whatever it takes to put the price of oil down. He expressed confidence that the party's approach would be different from the current administration's policy.
The current administration, led by President Bola Tinubu, removed the fuel subsidy in May 2023, which led to a significant increase in petrol prices. Tinubu announced the end of the petrol subsidy in his inaugural address, saying "subsidy is gone." Petrol prices subsequently rose from below N200 per litre to more than N500 in many parts of the country. The increase also fed into higher transport and other costs.
Kwankwaso criticized Tinubu for implementing the policy immediately after taking office, without considering the possible issues associated with it. He noted that the consequences of the policy had been predicted and had indeed occurred. Kwankwaso also mentioned that the three major presidential candidates in the 2023 election, including Vice President Atiku Abubakar, had campaigned on removing fuel subsidy.
In a July 2023 national broadcast, Tinubu acknowledged that the policy had increased the cost of fuel, food, and other goods. However, he argued that the subsidy had become financially unsustainable and that savings from its removal would be redirected to other areas. The issue of fuel subsidy has become a contentious topic ahead of the 2027 general elections, with opposition politicians advancing different positions on the policy.
At the Nigeria Bar Association's 66th Annual General Conference in August, presidential candidates and representatives of other parties differed on the policy. Some advocated for its return, while others argued for alternative approaches to making petrol affordable. Kwankwaso's comments reflect the NDC's stance on the issue and its plans to address the challenges facing Nigerians.
The NDC's approach to fuel subsidy is part of its broader strategy to address the economic challenges facing Nigeria. The party's presidential candidate, Peter Obi, and his running mate, Kwankwaso, are expected to provide more details on their economic plans in the coming weeks. The 2027 general elections are expected to be a crucial moment for Nigerians to determine the future of the country.
Key points
- The Nigeria Democratic Congress plans to reintroduce fuel subsidy in a different form if it wins the 2027 general elections.
- Rabiu Kwankwaso stated that the party would achieve this by investing in refineries to increase domestic production and make petrol available at a reasonable price.
- The NDC's approach to fuel subsidy differs from the current administration's policy, which removed the subsidy in May 2023.
