Subsidy row: APC attacks Atiku’s plan, ADC demands account for N15.8tn
The controversy over petrol subsidy removal has intensified ahead of the 2027 elections, with the All Progressives Congress attacking former Vice-President Atiku Abubakar’s plan to restore the subsidy, while the African Democratic Congress challenged the Federal Government to account for the N15.8tn in additional revenues it said accrued from the reforms. The National Chairman of Read More:…
The African Democratic Congress (ADC) has called upon Senator Abdul'aziz Yari, the director-general of President Bola Tinubu's re-election campaign, to provide an explanation for the benefits Nigerians have received from the trillions of naira generated by the removal of petrol subsidies since Tinubu's administration took office in May 2023.
ADC spokesperson Bolaji Abdullahi emphasized that Yari's comments were especially significant as he is not merely a representative of the All Progressives Congress (APC) but the man tasked with convincing Nigerians to vote for Tinubu for another four-year term. Following the removal of petrol subsidies, the Federation Account Allocation Committee (FAAC) disbursements have increased dramatically, primarily due to savings from subsidies, adjustments in exchange rates, and higher naira-denominated oil revenues.
This surge in government revenues has led to larger monthly allocations for state and local governments. However, this development coincides with one of the most challenging periods for Nigerians in terms of the cost of living, as petrol prices have risen, food costs have escalated, and the naira has depreciated. These factors have contributed to inflation and eroded household purchasing power, intensifying pressure on workers and businesses.
ADC is questioning whether the increased FAAC resources have led to improved infrastructure, social services, and welfare for citizens, as well as the utilization of additional funds by state governments amid their financial struggles. With the upcoming 2027 general election, ADC is intensifying its political debate, with the APC defending the economic reforms as necessary measures to stabilize the economy, while opposition parties argue that Nigerians have not witnessed the anticipated improvements in their welfare.
ADC's concerns have been heightened by the borrowing by several states, despite the significant increase in their monthly allocations from the federation account.
Written by urgent.news from This Day's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
