This Risky Scheme Must Fail – Presidency Charges Nigerians Over Atiku’s Subsidy Promise

The Presidency has urged Nigerians to reject former Vice President Atiku Abubakar’s promise to restore fuel subsidy.

The Special Adviser to President Bola Tinubu on Media and Public Communication, Sunday Dare, made the call in a statement posted on X while reacting to Atiku’s recent position on petrol subsidy.

According to Dare, the proposal as a risky political scheme that could damage the country’s economic progress.

Dare accused the former vice president of changing his position on subsidy removal for political reasons, arguing that Atiku had previously supported the removal of the scheme but was now promising to restore it ahead of the 2027 election.

In a statement titled, “Atiku’s Subsidy U-Turn: The Bankruptcy of Desperate Ambition,” Dare described Atiku’s new position as “political opportunism” and accused him of attempting to take advantage of the economic hardship being experienced by Nigerians.

He said, “To watch a self-styled statesman—who less than four years ago cast himself as an uncompromising apostle of market-driven reform—scramble to promise the reintroduction of petrol subsidies is nothing short of political apostasy.”

Dare argued that Atiku’s current position was different from the position he presented during the build-up to the 2023 presidential election.

According to him, Atiku had previously supported the removal of the petrol subsidy, which he also criticised as an expensive and corruption-prone system that drained public resources.

He said the former vice president’s decision to now campaign on restoring subsidy amounted to a reversal of his earlier economic position.

The Presidency’s reaction followed Atiku’s recent promise to restore petrol subsidy if elected president in 2027.

Atiku, who is the presidential candidate of the African Democratic Congress, ADC, made the promise during a Facebook Live session while responding to questions about the impact of subsidy removal on Nigerians.

Atiku said his position had changed since President Tinubu removed the subsidy in May 2023.

He said, “I initially did not oppose the removal of the fuel subsidy. But now that it has been removed, where is the money? Where has the subsidy money gone? Has it been used to improve healthcare, education or security?”

The former vice president added, “If I win the presidential election, I will restore the subsidy. And anyone who stole Nigeria’s subsidy funds must return the money.”

President Tinubu announced the removal of petrol subsidy during his inauguration on May 29, 2023, saying the country could no longer afford to continue funding the scheme.

The decision immediately led to a sharp increase in petrol prices and contributed to higher transportation, food and other living costs, triggering widespread concerns over the effect of the policy on households and businesses.

Tinubu has consistently defended the decision, arguing that the money previously spent on subsidy could be redirected to infrastructure, healthcare, education, transportation and other public services.

In a national broadcast on July 31, 2023, the President said, “For several years, I have consistently maintained the position that the fuel subsidy had to go.”

He added that “Subsidy cost us trillions of Naira yearly,” arguing that the resources could be better used for “public transportation, healthcare, schools, housing and even national security.”

Dare said reversing the policy would put Nigeria’s economic gains at risk, particularly the growth of domestic refining and the release of more funds to the Federation Account.

He argued that the former subsidy system had created opportunities for corruption and had prevented government from using large amounts of public money for sectors such as healthcare, education and infrastructure.

“The old import subsidy regime was not merely a pricing mechanism; it was a black hole of rent-seeking, round-tripping, and monumental corruption that starved health, education, and infrastructure of vital capital,” Dare said.

He warned that bringing back the subsidy could undermine local refining, discourage private investment and increase pressure on the country’s foreign exchange resources.

“Restoring it would instantly sabotage the nascent renaissance of local refining, crush private sector confidence, and plunge the country back into chronic foreign exchange haemorrhage,” he said.