Atiku's Petrol Subsidy Plan Could Cost Nigeria N19.1 Trillion

The Presidency has estimated that Atiku Abubakar's proposed petrol subsidy plan could cost Nigeria N19.1 trillion annually if implemented. Otega Ogra, Senior Special Assistant to President Bola Tinubu on Digital and New Media, disclosed this during a TVC News programme.

The estimate is based on crude oil prices at approximately $80 per barrel, with Nigeria needing to subsidize about $40 per barrel. Ogra questioned how Atiku would fund this plan and accused it of potentially benefiting wealthy oil sector players.

He criticized Atiku for not providing sufficient details regarding the subsidy, including cost estimates and oil barrel requirements. Ogra defended Tinubu's decision to remove the petrol subsidy in 2023, stating it was necessary to stop rent-seeking practices that diverted public resources.

Atiku has promised to restore the subsidy if elected in 2027, arguing that rising petrol prices have increased transportation and food costs, thereby worsening household hardships.