Presidential candidate of the African Democratic Congress, Atiku Abubakar, has reaffirmed his commitment to restoring petrol subsidy if elected president in 2027, insisting that his position on the policy remains unchanged.

Atiku made the clarification on Tuesday in Abuja while receiving the Osun State leadership of the ADC, after one of his media aides, Paul Ibe, appeared to suggest that the proposed subsidy would eventually be phased out.

The former vice-president said Ibe’s comments did not represent his position, stressing that the decision on the policy rested with him as the presidential candidate.

“Earlier, one of my press aides contradicted me in a policy statement as far as subsidy is concerned.

“I want to repeat categorically that when I said I would return to subsidy, I will! Nigeria is rich enough to look after the welfare of its citizens. Let it be clearly stated that he was not speaking on my own authority,” Atiku said.

In a statement posted on his X account, Atiku said his proposed intervention would be targeted at easing the pressure of rising fuel, transport and food costs rather than reviving the former system of subsidising imported petrol.

“I believe the wealth of a nation is not measured by how much government collects, but by how much the money in the pockets of its people can buy,” he said.

Atiku said his administration would support domestic production, reduce energy costs and improve purchasing power, arguing that lower fuel costs would help reduce transportation expenses and the prices of goods.

“That is why I will restore targeted subsidy and put purchasing power back in the hands of Nigerians,” he said.

The former vice-president also drew a distinction between his proposal and the previous fuel import subsidy regime, saying his plan would support domestic refining and be subject to controls to prevent abuse.

His Senior Special Assistant on Public Communication, Phrank Shaibu, said the proposed intervention would be “targeted, capped, transparently budgeted and independently audited”, with support directed towards domestic refining and production.

Shaibu said the intervention would not have an arbitrary end date but would be withdrawn progressively as domestic refining capacity expands, fuel supply stabilises and competition improves.

The clarification comes amid renewed political debate over petrol subsidy, which was removed by President Bola Tinubu at his inauguration on May 29, 2023, triggering a sharp rise in fuel prices and contributing to increased living costs.

Atiku had earlier reignited the debate by promising to restore subsidy if elected, while Ibe explained on AIT that the proposed arrangement would involve supplying crude oil to local refiners at discounted prices to enable cheaper production of petrol and diesel.

Ibe said an independent committee would determine the appropriate crude price, while government would monitor pump prices to ensure refiners and marketers operated within the policy framework.

He argued that the intervention would provide temporary relief, stimulate economic activity and improve productivity, while criticising the Tinubu administration for removing petrol subsidy alongside other major economic reforms without sufficient measures to cushion their impact. (The Sun)