Paul Ibe, Spokesperson for former Vice-President Atiku Abubakar, has said the African Democratic Congress (ADC) Presidential candidate will restore the petrol subsidy if elected in 2027, but phase it out after using the intervention to revive economic activities and boost productivity.
Speaking on AIT, Ibe said the temporary intervention would give Nigerians and businesses room to recover.
Ibe said the proposal would not return Nigeria to the former opaque subsidy regime, but would involve selling crude oil to domestic refiners at discounted prices to reduce production costs and lower petrol prices.
“We are not returning to Egypt. We are not going back to the old regime that was opaque,” Ibe said on AIT.
Read also: Nigeria doesn’t need another fuel subsidy debate. It needs a credible mechanism
He said an independent committee would determine an appropriate refinery price while the government monitors pump prices under the deregulated downstream sector.
Ibe also faulted President Bola Tinubu’s handling of the subsidy removal, arguing that it was implemented alongside other major reforms without adequate measures to cushion the impact 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.
He said Atiku would also pursue economic diversification to reduce Nigeria’s dependence on crude oil.
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