Cleric Warns Against Reinstating Nigeria's Fuel Subsidy

Sheikh Haliru Maraya, a Kaduna-based Islamic scholar and former Special Adviser to two ex-governors, warned that restoring Nigeria's fuel subsidy could severely impact the economy. He stated that Nigeria consumes between 47 million and 64 million litres of petrol daily, with the full cost per litre estimated at N1,218.

Maraya calculated that reinstating the subsidy would cost approximately N52.3 billion daily, N1.6 trillion monthly, and over N19 trillion annually, which is unsustainable given Nigeria's 2026 budget of N68.3 trillion. He expressed that the government cannot afford to pay fuel subsidies as it did previously, and warned that such a move could lead to a collapse of economic activities and government operations.

Maraya urged the government to focus on rehabilitating existing refineries and building new ones instead of reinstating the subsidy. He also advised politicians to be truthful with voters regarding their promises ahead of the 2027 elections.