Chidinma Iroegbu
Presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar, has promised to restore targeted petrol subsidy if elected in 2027, while Accord candidate Gbenga Olawepo-Hashim has proposed a N605 per litre pump price as an alternative.
Atiku said removing subsidy had worsened the cost of living, citing rising petrol, transportation and food prices, which he said had weakened Nigerians’ purchasing power.
He also demanded accountability for funds saved from subsidy removal, asking the federal government, “Where is the people’s money?”
Atiku further challenged President Bola Tinubu to produce evidence over allegations concerning $16 billion power sector expenditure, saying he should be prosecuted if there was a genuine case against him.
The Presidency, however, questioned how Atiku’s proposed subsidy would be funded, its beneficiaries, total cost and conditions for ending the programme.
Special Adviser to the President on Information and Strategy, Bayo Onanuga, also faulted conflicting explanations by Atiku’s aides on the duration and implementation of the proposed subsidy.
Senior Special Assistant to the President on Digital and New Media, Otega Ogra, estimated that the policy could cost the country N19.1 trillion annually, or N52.3 billion daily, if crude oil sells at $80 per barrel.
Ogra said the projected amount was equivalent to funding the N70,000 minimum wage for 22 million Nigerians for one year, describing the proposal as financially unsustainable.
Olawepo-Hashim, meanwhile, said an Accord government would target a petrol price of N605 per litre, with the possibility of reducing it to N200 if production costs and the exchange rate improve.
He said lower prices would depend on reforms across production, refining, transportation and distribution, rather than a return to what he described as an opaque subsidy system.