By Derick peretengboro

Former Vice President and presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar, has reaffirmed his plan to restore a targeted petrol subsidy if elected, saying the policy would help ease the hardship caused by rising fuel, transport and food prices.

Atiku said the removal of petrol subsidy had pushed more Nigerians into poverty, stressing that government must prioritise the welfare and purchasing power of citizens.

According to him, Nigeria has sufficient resources to provide relief for its people while supporting local production, businesses and job creation.

In a statement shared on his X account, Atiku also challenged President Bola Tinubu to produce evidence of wrongdoing against him over the controversial $16 billion power sector expenditure, insisting that he should be investigated and prosecuted if there is a genuine case against him.

The former vice president said the issue of subsidy should not be separated from the wider question of accountability, demanding that the Federal Government explain how the savings from subsidy removal have been utilised.

He said Nigerians were promised that subsidy removal would free funds for development, but citizens had instead experienced higher petrol prices, transportation costs, food prices and declining purchasing power.

Atiku asked the government to account for the resources generated since subsidy removal, declaring: “If you have evidence against Atiku, bring it. If you have a case, prosecute it.

Presidency Demands Clarity

The Presidency, however, has challenged Atiku to provide details of his proposed targeted subsidy, including its cost, funding source, beneficiaries and conditions for its eventual withdrawal.

Special Adviser to the President on Information and Strategy, Bayo Onanuga, said conflicting statements from Atiku’s aides had created uncertainty over the former vice president’s actual petroleum policy.

Atiku’s spokesman, Paul Ibe, had earlier said the subsidy would be restored temporarily before being phased out. However, another senior aide, Phrank Shaibu, rejected that explanation, saying Atiku would not commit to a fixed date for ending the subsidy.

Shaibu said the subsidy should remain until domestic refining capacity expands, fuel supply becomes stable, competition increases and market forces are capable of delivering affordable prices without government intervention.

Atiku later reaffirmed that his position had not changed and that he remained committed to restoring a targeted subsidy.

Onanuga consequently demanded a clear and costed proposal, asking Atiku to explain how much the policy would cost, who would benefit, how beneficiaries would be identified and what conditions would determine its eventual termination.

He also argued that petrol prices alone could not solve Nigeria’s cost-of-living crisis, noting that crude oil prices, exchange rates, refining costs, transportation and distribution expenses all influence pump prices.

Presidency Puts Cost at N19.1tr

Senior Special Assistant to the President on Digital and New Media, Otega Ogra, separately estimated that Atiku’s proposed subsidy could cost Nigeria about N19.1 trillion annually.

Speaking on TVC News, Ogra argued that with crude oil at about $80 per barrel, Nigeria could need to subsidise each barrel by approximately $40.

He put the estimated burden at about N52.3 billion daily and N1.5 trillion monthly, warning that such spending could place a significant strain on public finances.

Ogra also criticised the proposal for not clearly specifying the subsidy cap, the volume of crude required or the precise funding mechanism.

Atiku Demands Accountability Over Subsidy Savings

Responding to the renewed allegations over his past involvement in the power sector, Atiku said the claims were being revived to divert attention from questions surrounding the management of funds saved from petrol subsidy removal.

He maintained that although he chaired the National Council on Privatisation while serving as vice president, he did not supervise the implementation of the controversial power projects.

Atiku said he had repeatedly challenged successive governments to investigate him if there was evidence of corruption.

He insisted that nearly two decades after leaving office, allegations without evidence could not replace prosecution or due process.

Olawepo-Hashim Promises N605 Petrol

Meanwhile, Accord presidential candidate Gbenga Olawepo-Hashim has promised that petrol would sell for no more than N605 per litre under his administration.

He said the price could eventually fall to as low as N200 per litre if production costs decline and the exchange rate improves.

Olawepo-Hashim said the proposed N605 price would be sustainable and would not depend on an opaque subsidy system.

He argued that Nigeria must first establish the actual cost of producing, refining, transporting and distributing petrol before determining whether consumers are being subsidised.

The unfolding debate has further intensified the political argument over petrol pricing, subsidy removal, public spending and how best to reduce the economic pressure facing Nigerian households.