2027: We’ll restore subsidy in our own way if elected – Kwankwaso

Senator Rabiu Musa Kwankwaso, the Vice-Presidential candidate for the Nigeria Democratic Congress (NDC), has declared that his party intends to reintroduce fuel subsidy in a unique manner if they secure a mandate. Speaking in a recent interview with Arise News, Kwankwaso expressed dissatisfaction with President Bola Ahmed Tinubu's approach to abolishing the subsidy in May 2023, which he claims has led the nation into a state of economic turmoil.

According to Kwankwaso, the immediate revocation of the subsidy without considering the broader implications resulted in significant economic hardship for Nigerians.

During his campaign, all leading political figures had pledged to remove the subsidy, but Kwankwaso criticized the manner in which Tinubu executed this policy on "day one" without adequate safeguards, exacerbating the situation. Additionally, Kwankwaso questioned Atiku Abubakar's suggestion to privatize refineries, deeming it unclear and more political in nature rather than practical.

When questioned about the NDC's approach to restoring subsidy, Kwankwaso affirmed that they would implement it in their own way. He argued that if private individuals can establish refineries, it would be unjust for the government not to build them under specific conditions to ensure fuel is available at a reasonable price. The NDC's strategy involves increasing the capacity of both public and private refineries to meet demand and maintain affordable fuel prices.

Kwankwaso emphasized that their approach aims to reduce oil prices without resorting to the previous subsidy system, instead focusing on a targeted intervention that offers relief at the pump while maintaining economic stability.

As the debate surrounding the impact of subsidy removal continues to intensify, with fuel prices soaring and inflation rising, Kwankwaso's pledge indicates that the NDC may make subsidy in a redefined form a pivotal issue in the upcoming elections.