Paul Ibe, spokesperson for former Vice-President Atiku Abubakar, says Atiku would temporarily restore petrol subsidy if elected president in 2027, before gradually phasing it out.
Speaking on AIT, Ibe said the policy would give Nigerians and businesses time to recover, stimulate economic activity and improve productivity.
“We are not returning to Egypt. We are not going back to the old regime that was opaque,” Ibe said, explaining that the proposed subsidy would instead be tied to crude oil production and domestic refining.
He said crude oil would be supplied to local refiners at discounted prices to enable them produce petrol and diesel more cheaply, which would eventually reduce pump prices.
Ibe added that an independent committee would determine appropriate refinery prices based on market conditions, while government would monitor prices to ensure compliance despite the deregulation of the downstream sector.
He criticised the Tinubu administration for simultaneously removing petrol subsidy, deregulating foreign exchange and withdrawing electricity subsidy without allowing the economy to adjust.
“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 maintained that Atiku’s proposed intervention would be temporary and form part of a broader economic plan focused on increasing productivity and diversifying Nigeria’s economy beyond crude oil.
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