Former Vice President and African Democratic Congress presidential candidate, Atiku Abubakar, has said he will restore petrol subsidy if elected president in 2027, arguing that Nigerians have yet to see how the resources saved from its removal have been utilised.
Atiku made the declaration in an interview with the BBC Hausa, published on Friday, while outlining his response to the economic hardship, food insecurity and unemployment confronting Nigerians.
The former vice president said he did not oppose the removal of the subsidy by the President Bola Tinubu administration but questioned the Federal Government’s management of the funds expected to be freed by the policy.
“I did not oppose the removal of the oil subsidy, but where is the money? Where did it go?” Atiku asked.
He argued that the savings should have been channelled into programmes aimed at reducing poverty, improving education, tackling insecurity and creating economic opportunities for young Nigerians.
“It was intended to reduce poverty and help children attend school. Where is the money now?” he queried.
Atiku alleged that the government had failed to adequately account for the resources generated by the subsidy removal.
“It seems they are just stealing it,” he alleged.
According to him, the hardship being experienced by Nigerians would have been less severe if the savings from subsidy removal had been transparently and effectively invested in development.
“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,” he said.
Atiku also recalled his proposal during the 2023 presidential election to commit $10bn to programmes designed to provide young Nigerians with capital for businesses and reduce unemployment.
“At that time, when we calculated it, we estimated that allocating $10 billion… the programmes we could build for the youth would ultimately reduce hardship for nearly 70 to 80 per cent of the beneficiaries through the programmes we intended to run,” he said.
He questioned why similar resources had not been deployed to address youth unemployment, poverty and insecurity.
Atiku maintained that his position was not merely about reversing the subsidy removal but ensuring that public resources were used to improve citizens’ welfare.
He subsequently pledged that, if elected president, he would restore the subsidy and pursue the recovery of funds he believes were misappropriated.
“If elected, I will bring back the oil subsidy, and whoever stole the money must refund it,” he said.
Atiku added that the subsidy policy could still be adjusted if the resources were properly managed and applied to national development.
“If elected, I can remove the subsidy and use the money to do all these properly,” he said.
The former vice president’s position comes amid renewed political debate over the economic consequences of the petrol subsidy removal, which Tinubu announced shortly after assuming office in May 2023.
The policy has remained a major issue in the emerging 2027 presidential contest, with Atiku repeatedly demanding greater accountability over the resources generated from its implementation.
The Federal Government has, however, defended the policy, maintaining that subsidy removal was necessary to address the fiscal burden associated with petrol subsidies and redirect public resources towards development.
The debate has also centred on the amount of resources generated since the policy was introduced. Recent reports by PUNCH cited the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, as saying that subsidy removal mobilised N15.8tn for the Federation between June 2023 and December 2025.
Atiku’s latest comments are therefore likely to further intensify the political and economic debate over petrol subsidy, fiscal management and how best to cushion the impact of economic reforms on Nigerians ahead of the 2027 elections.
