Atiku Abubakar Plans to Restore Petrol Subsidy in 2027

Paul Ibe, the spokesperson for former Vice-President Atiku Abubakar, announced that Atiku would restore the petrol subsidy if elected president in 2027, with a gradual phase-out planned post-economic recovery. Ibe explained that the new subsidy would differ from the previous regime, as it would be tied to crude oil production and domestic refining.

He emphasized that this policy aims to provide temporary relief to Nigerians and stimulate economic activity. The plan includes supplying crude oil to local refiners at a discounted price, allowing them to produce petrol and diesel at lower costs, which would reduce pump prices for consumers.

An independent committee would determine the appropriate price of crude oil for refiners, considering market conditions. Ibe criticized President Bola Tinubu's administration for removing the petrol subsidy without allowing the economy time to adjust, arguing that the simultaneous removal of various subsidies has worsened economic hardship for Nigerians.

He asserted that restoring the subsidy would help households and businesses recover and improve productivity.