Former Vice President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has explained his plan to restore petrol subsidy if elected president in 2027, saying Nigerians have not seen sufficient evidence of how the funds saved from its removal have been used.
Atiku made the remarks in an interview with BBC Hausa published on Friday, while discussing his plans to address the economic hardship, food insecurity, unemployment and other challenges facing Nigerians.
The former vice president said he did not oppose the removal of the petrol subsidy itself but questioned what happened to the resources that were expected to become available after the policy was implemented.
“I did not oppose the removal of the oil subsidy, but where is the money? Where did it go?” Atiku asked.
According to him, the savings were expected to be channelled into programmes that would improve Nigerians’ welfare, reduce poverty and support education.
“It was intended to reduce poverty and help children attend school. Where is the money now?” he asked.
Atiku Says Subsidy Savings Should Have Reduced Hardship
Atiku argued that the government has successfully removed the subsidy but has not adequately demonstrated to Nigerians how the resulting resources have been deployed.
He alleged that some of the funds may have been misappropriated, saying the resources should have been used to address pressing socioeconomic challenges.
“They talk about 30 trillion, where is the money, what was done with it?” he said.
The ADC presidential candidate said the hardship being experienced by Nigerians was one of the reasons he would consider restoring the subsidy if elected.
He argued that the policy could have produced a different outcome if the savings had been invested in development, security, education and programmes designed to create economic opportunities.
“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,” Atiku said.
He also linked his position to the country’s high level of youth unemployment, recalling that he proposed setting aside $10 billion during the 2023 presidential campaign to provide young Nigerians with capital for businesses.
Atiku said such an initiative could have significantly reduced hardship among beneficiaries by helping young people establish businesses and become economically independent.
He questioned why similar resources had not been adequately deployed towards reducing unemployment, poverty and insecurity.
Atiku Promises to Review Subsidy Policy
Atiku maintained that his criticism is not simply about the removal of the petrol subsidy but about what he described as the failure to transparently apply the resources generated by the policy.
He said a government that had access to additional resources should have prioritised poverty reduction, job creation, security and education.
According to him, restoring the subsidy under his administration would be part of a broader strategy to ease the economic pressure on Nigerians.
“If elected, I will bring back the oil subsidy, and whoever stole the money must refund it,” he said.
He added that the policy could be structured in a way that allows government resources to be properly deployed to address the country’s development needs.
Atiku’s position comes as the petrol subsidy debate continues to feature prominently in the political contest ahead of the 2027 general elections.
President Bola Tinubu announced the removal of the petrol subsidy shortly after assuming office in May 2023, triggering a sharp increase in fuel prices and widespread debate over the economic consequences of the policy.
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The Tinubu administration has continued to defend the decision, arguing that the subsidy was financially unsustainable and that its removal would free resources for development.
Atiku, however, has repeatedly demanded greater accountability over the funds generated following the policy change.
Recent reports by PUNCH Online quoted the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, as saying the removal of the subsidy mobilised N15.8 trillion in resources for the Federation between June 2023 and December 2025.
The disagreement over the use of those resources is expected to remain a major issue as political parties and presidential contenders position themselves ahead of the 2027 election.