Atiku Abubakar would restore petrol subsidy if elected President in 2027, but only as a temporary measure before gradually phasing it out, his spokesperson, Paul Ibe, has said.
Ibe, speaking on AIT, said the proposed intervention would give Nigerians and businesses time to recover from the economic impact of recent reforms while stimulating economic activity and improving productivity.
“We are not returning to Egypt. We are not going back to the old regime that was opaque,” Ibe said.
According to him, Atiku’s proposed subsidy would be structured differently from the previous system, with crude oil supplied to domestic refiners at discounted prices to enable them produce petrol and diesel at lower costs.
He said the arrangement would eventually help drive down the prices of petroleum products while supporting local refining.
Ibe explained that an independent committee would determine appropriate refinery prices based on prevailing market conditions, while the government would monitor compliance despite the deregulation of the downstream petroleum sector.
The Atiku aide also criticised the Bola Tinubu administration for removing petrol subsidy, deregulating the foreign exchange market and withdrawing electricity subsidy almost simultaneously.
“No surgeon, no doctor would carry out two or more serious major surgeries, one after the other. They would do one, allow the patient to recuperate, and then undertake the second, or the third,” he said.
Ibe maintained that Atiku’s proposed return of subsidy would only be temporary, forming part of a broader economic strategy aimed at restoring purchasing power, boosting productivity and reducing Nigeria’s dependence on crude oil.
He said the ultimate objective would be to create an economy capable of sustaining growth after the subsidy is eventually phased out.
