Atiku Abubakar, presidential candidate of the African Democratic Congress (ADC), says he will restore the petrol subsidy if elected president in 2027.
Atiku made the pledge during an interview on Wednesday, accusing the federal government of failing to account for funds saved following the removal of the subsidy.
“I did not oppose the removal of the oil subsidy, but where is the money? Where did it go? It was intended to reduce poverty and help children attend school. Where is the money now? It seems they are just stealing it,” Atiku said in Hausa.
“If elected, I will bring back the oil subsidy, and whoever stole the money must refund it.”
The former vice-president said the subsidy removal could have been justified if the savings had been invested in development projects across the country.
“The government successfully removed the subsidy, but we do not know where the money went. If they had used the money for development, to solve security problems, for education, and to create opportunities for the youth, it would be different. If elected, I can remove the subsidy and use the money to do all these properly.”
President Bola Tinubu announced the removal of the petrol subsidy during his inaugural address on May 29, 2023.
The policy led to an immediate increase in petrol prices and contributed to rising costs of goods and services across the country.
Some state governors have since acknowledged that their monthly allocations from the Federation Account Allocation Committee (FAAC) have increased significantly following the subsidy removal.
On Wednesday, Taiwo Oyedele, minister of finance and coordinating minister of the economy, said the subsidy removal had generated N15.8 trillion in resources for the federation between June 2023 and December 2025.
Oyedele said the resources were reflected through higher revenue collections, particularly as the naira value of dollar-denominated transactions increased following the exchange-rate reform.
The comments have renewed debate over the economic impact of the petrol subsidy removal as political parties and presidential hopefuls position themselves ahead of the 2027 election.
