Atiku’s subsidy plan retrogressive, fiscally unsustainable, Presidency says

Nigeria's Presidency has sharply criticized former Vice President Atiku Abubakar's pledge to reinstate petrol subsidies if he wins the upcoming presidential election. Presidential aide Bayo Onanuga labeled the proposal "retrogressive" and fiscally unsustainable, accusing Abubakar of an "opportunistic recantation" of his prior stance on subsidy removal ahead of the 2027 general elections.

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Restoring petrol subsidies: Atiku’s volte-face and desperation for power.

Onanuga described the subsidy regime as "much-abused, wasteful, pillaged, corruption-ridden," and highlighted that the Petroleum Industry Act made it illegal from June 2023. While respecting Abubakar's right to propose alternative policies, the presidency stressed that Nigerians deserve to understand the implications of reversing the subsidy removal.

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We respect Alhaji Atiku Abubakar’s constitutional right to propose alternative policies, to seek the support of Nigerians and recant a major policy prescription.

"Nigerians also deserve to understand what the proposed restoration of subsidy would actually mean, how it would be funded, and whether it is compatible with the legal and structural changes that have taken place in the petroleum sector," Onanuga stated. He cautioned that Abubakar's suggestion could mislead the public and urged a serious examination of the promise, particularly given Nigeria's current economic and petroleum realities. The presidency suggested Abubakar's plan reflects an "archaic past" and a lack of comprehension of present economic dynamics.

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However, Nigerians also deserve to understand what the proposed restoration of subsidy would actually mean, how it would be funded, and whether it is compatible with the legal and structural changes that have taken place in the petroleum sector.