Presidency Rejects Atiku's Fuel Subsidy Restoration Pledge

The Presidency has dismissed former Vice-President Atiku Abubakar's pledge to restore fuel subsidy as an opportunistic recantation driven by desperation for power. Bayo Onanuga, Special Adviser to the President on Information and Strategy, stated this in a Thursday statement.

Atiku had declared during a Hausa-language interview that if elected, he would restore the subsidy and demand the return of stolen subsidy funds. The Presidency pointed out that Atiku previously supported the removal of the subsidy and accused him of ignorance regarding the Petroleum Industry Act (PIA), which made the subsidy illegal from the end of June 2023.

Onanuga explained that restoring the subsidy would require new legislative and fiscal measures, as the current petroleum landscape has changed significantly since May 2023, with increased local refining capacity, notably from the Dangote Refinery. He emphasized that Atiku's proposal could reverse local production gains and negatively impact smaller refineries.