Atiku’s Subsidy Push & Echoes of Desperation

Alhaji Atiku Abubakar's recent call to reintroduce Nigeria's fuel subsidy is seen by many as a desperate attempt at populist politics. This comes after his controversial past, including forged certificates and drug indictments during the 2023 election campaign. Atiku has stated that if elected in 2027, he would subsidize fuel production, repudiating any embellishment by his media aide.

While the proposal may appear compassionate, a deeper analysis reveals it is a return to the failed economic policies that have plagued Nigeria for decades. President Bola Ahmed Tinubu's decision to end the fuel subsidy regime in May 2023 was tough but necessary, and the results speak for themselves. The government saved over N3 trillion in just a few months, money that should have been invested in vital infrastructure, education, and healthcare.

Instead, it funded smuggling and created billionaires overnight. Local refining has significantly improved since the subsidy removal, and foreign exchange pressure has eased. The government is now redirecting resources to benefit the people, such as student loans, CNG buses, wage awards, and defence spending. Reversing this now will send a message to investors that Nigeria's policies are unpredictable, deterring potential investments.

Instead, targeted relief measures, like CNG conversion, conditional cash transfers, and support for local production, should be intensified and expanded. These interventions address the poor's needs directly without straining the budget. The Tinubu administration's approach is clear: reform over rhetoric, a promising future over a decadent past. Returning to fuel subsidy is not progress; it is a U-turn Nigeria cannot afford.