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Former Vice President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has disclosed why he is advocating the restoration of petrol subsidy if elected president in 2027.
Atiku said his position was driven by the failure of the Federal Government to demonstrate how the resources saved from subsidy removal had been used to improve Nigerians’ welfare.
Speaking in an interview with BBC Hausa published on Friday, Atiku stressed that he did not oppose the removal of the subsidy but questioned what happened to 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 said the funds should have been channelled into measures to reduce poverty and improve access to education.
“It was intended to reduce poverty and help children attend school. Where is the money now?” he asked.
Atiku alleged that the resources had not been properly accounted for, saying, “It seems they are just stealing it.”
He also questioned what had happened to the funds he said amounted to about ₦30tn, asking, “They talk about 30 trillion, where is the money, what was done with it?”
According to him, the savings from subsidy removal could have been used to address insecurity, create jobs and expand economic opportunities for young Nigerians.
“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 recalled that during the last presidential election, he proposed setting aside $10bn to provide young Nigerians with capital for businesses.
“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 said government should have prioritised poverty reduction, youth employment and security with the resources made available after subsidy removal.
“Steps should have been taken to reduce poverty, curb youth unemployment, and tackle insecurity, among other issues,” he said.
Atiku maintained that his proposal to restore the subsidy was aimed at easing the economic pressure on Nigerians while ensuring that public resources were properly deployed.
“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 subsidy debate has become a major issue in the 2027 presidential contest, with Atiku challenging the Tinubu administration over the economic impact of the policy and the management of the resources generated since its removal.
