Atiku Will Restore Petrol Subsidy if Elected in 2027 But Remove it Later — Atiku’s Aide, Paul Ibe

Paul Ibe, spokesperson for former Vice-President Atiku Abubakar, has said Atiku would temporarily restore petrol subsidy if elected president in 2027, before gradually phasing it out.

Ibe made this known during an interview on AIT, where he said the proposed intervention would give Nigerians and businesses time to recover from the economic pressures triggered by recent reforms.

According to him, the temporary subsidy would also help stimulate economic activity, improve productivity and provide relief for households struggling with rising living costs.

“We are not returning to Egypt. We are not going back to the old regime that was opaque,” Ibe said.

He explained that Atiku’s proposed approach would be different from the previous subsidy regime, with the intervention linked to crude oil production and domestic refining.

Ibe said crude oil would be supplied to local refineries at discounted rates, allowing them to produce petrol and diesel at lower costs. He said the arrangement would ultimately help bring down pump prices.

He added that an independent committee would determine appropriate refinery prices based on prevailing market conditions, while the government would continue to monitor the downstream sector to ensure compliance.

Ibe also criticised the administration of President Bola Tinubu for removing petrol subsidy, deregulating the foreign exchange market and withdrawing electricity subsidies around the same period.

He argued that implementing several major economic reforms simultaneously had placed excessive pressure on Nigerians and businesses.

“No surgeon, no doctor would carry out two or more serious major surgeries, one after the other. They would do one, allow the patient to recuperate, and then undertake the second, or the third,” he said.

Ibe stressed that Atiku’s proposed petrol subsidy would only be a temporary measure and would form part of a wider economic strategy aimed at boosting productivity and reducing Nigeria’s dependence on crude oil.