Nigerian opposition vows to restore fuel subsidy
Nigeria’s opposition African Democratic Congress said it will anchor its presidential election campaign on a promise to reinstate a multibillion-dollar fuel subsidy program.
The opposition African Democratic Congress (ADC) in Nigeria has pledged to revive the country's fuel subsidy program, which President Bola Tinubu's administration recently abolished. This decision comes as a central issue in the lead-up to the upcoming presidential elections, four months away. The ADC, led by Atiku Abubakar, a former vice president, argues that reinstating a "targeted subsidy" is crucial, given that the current cost-of-living crisis, exacerbated by the subsidy removal, disproportionately affects the impoverished population.
The APC contends that the subsidy's removal in 2022, costing $10 billion, was necessary to address Nigeria's massive budget deficit and boost the country's overall economic stability. The IMF also acknowledged the positive impact of removing the fuel subsidy on macroeconomic resilience.
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