Atiku’ll restore petrol subsidy, phase it out later — Spokesman

Atiku Abubakar, former Vice-President of Nigeria, has pledged to restore the petrol subsidy if he is elected president in 2027, according to his spokesperson Paul Ibe. The policy would differ from the previous regime as the government support would be linked to crude oil production and domestic refining. Ibe explained that the subsidy would be tied to the barrel of crude oil, allowing local refiners to produce petrol and diesel at lower costs, resulting in reduced pump prices for consumers.

An independent committee would determine the appropriate discounted price of crude oil supplied to refiners, taking into account prevailing market conditions. The intervention is intended to be temporary, aimed at jumpstarting the economy and increasing productivity. Ibe criticized President Bola Tinubu's administration for removing the petrol subsidy and other economic reforms without allowing the economy sufficient time to adjust.

He argued that restoring the intervention would give households and businesses the opportunity to recover and improve productivity.