Former Vice-President Atiku Abubakar has renewed his pledge to restore petrol subsidy if elected president in 2027, arguing that the Federal Government has failed to show Nigerians how the savings from the policy have been used.
Atiku, the presidential candidate of the African Democratic Congress (ADC), made the disclosure in an interview with BBC Hausa published on Friday.
He said his position should not be interpreted as opposition to the decision to remove the subsidy, but rather as a response to the alleged failure to properly utilise the resources released by the policy.
“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 supposed to be invested in programmes that would improve the welfare of Nigerians, particularly in poverty reduction, education, security and job creation.
“It was intended to reduce poverty and help children attend school. Where is the money now?” he asked.
The former vice-president alleged that Nigerians had yet to see tangible evidence that the funds generated by the subsidy removal were being used for the purposes for which the reform was introduced.
“It seems they are just stealing it,” he alleged.
Atiku said restoring the subsidy would form part of his strategy to reduce the economic burden on Nigerians, particularly vulnerable households struggling with rising living costs and food insecurity.
Asked what he would do to address the hardship confronting Nigerians, he questioned the whereabouts of the resources he said had accrued to government since the subsidy was removed.
“They talk about 30 trillion, where is the money, what was done with it?” he asked.
Focus on development
Atiku argued that the removal of petrol subsidy could have produced positive economic results if the resulting savings had been directed towards development projects and social interventions.
“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.
He identified unemployment among young Nigerians as one of the areas requiring urgent government intervention.
The former vice-president recalled that during the 2023 presidential election, he had proposed a $10 billion programme aimed at providing young people with capital to establish businesses and become economically independent.
“At that time, when we calculated it, we estimated that allocating $10 billion… the programs we could build for the youth would ultimately reduce hardship for nearly 70 to 80 percent of the beneficiaries through the programs we intended to run,” he said.
He argued that government should have taken similar steps to address unemployment, poverty and insecurity following the removal of the subsidy.
“Steps should have been taken to reduce poverty, curb youth unemployment, and tackle insecurity, among other issues,” he said.
Atiku also said increased government revenue should have been deployed to strengthen national security and improve the education sector.
‘Whoever stole the money must refund it’
The ADC candidate insisted that his objection was not fundamentally to subsidy removal but to the manner in which the government had handled the resources released by the reform.
He promised that, if elected, his administration would revisit the policy while ensuring that public funds were properly accounted for and used to address the economic challenges facing Nigerians.
“If elected, I will bring back the oil subsidy, and whoever stole the money must refund it,” he said.
He added, “If elected, I can remove the subsidy and use the money to do all these properly.”
The pledge has further intensified the political battle over the petrol subsidy, which President Bola Tinubu removed shortly after assuming office in 2023.
The policy has remained one of the most contentious issues in Nigeria’s economic debate, with supporters arguing that it has reduced the government’s financial burden, while critics say the savings have not translated into sufficient improvements in the living conditions of citizens.
Atiku has repeatedly demanded an account of the resources generated by the reform. Government officials, however, have defended the policy and highlighted the additional resources available to the Federation as a result of subsidy removal.
Finance Minister Taiwo Oyedele recently said the reform mobilised N15.8 trillion in resources for the Federation between June 2023 and December 2025.
With the 2027 election approaching, the subsidy debate is expected to remain a major campaign issue, particularly as political parties seek to offer competing solutions to Nigeria’s cost-of-living crisis.
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