September 13, (THEWILL) – Campaigns for the 2027 General election have officially egun. unfortunately, some candidates have seized the opportunity to make unrealistic promises just to hoodwink unsuspecting Nigerian voters. One such candidate is the Presidential flagbearer of the African Democratic Congress, ADC, Alhaji Atiku Abubakar.
The former Vice President has pledged to restore fuel subsidy if elected. Atiku argued that the removal of the petrol subsidy by the current administration pushed millions of Nigerians into severe poverty and hardship.
He also questioned how the trillions of naira saved from subsidy removal have been utilized, stating that citizens have not seen enough tangible benefits in infrastructure, security, or job creation. Atiku clarified that he would shift focus toward supporting local refining and providing crude to local refineries at preferential prices rather than resurrecting the old, corruption-ridden import subsidy regime.
The Presidency and some economists have described the Atiku proposal as regressive. Atiku is merely playing with the issue of subsidy because he knows that Nigerians are still facing the consequences of the bold and necessary decision to end it.
It is a known fact that before President Bola Tinubu’s administration came on board on May 29, 2023, the Federal Government was borrowing money to pay subsidy. The Nigerian National Petroleum Company Limited stopped remitting money to the Federation Account for distribution to the three tiers of government. What profit was deducted at source in the name of under-recovery ( subsidy)
In July, 2022, (FAAC) shared a total of N954.085 billion. But in July 2026, the same was shared over N3 trillion among the three tiers of government, representing more than a 200 per cent increase. This is attributable to the fuel subsidy removal and the reform of the tax system.
Let’s critically examine what Atiku is proposing. He says he will give local refiners crude oil at a discounted rate to enable them to sell refined products at low prices to Nigerians. This sounds good on paper. But what are the implications? First, selling crude to local refineries at subsidized prices means less money for the NNPCL to remit to the FAAC.
Second, what is the guarantee that the ” cheap” won’t be smuggled to the neighbouring countries? Won’t this lead to a resurgence of cross-border smuggling which has already been tamed?
Instead of Atiku playing to the gallery and showing signs of desperation, he should tell Nigerians how to make the gains of subsidy removal work more for the people and the State Governors apply their improved earnings for the benefits of ordinary Nigerians.
The ADC presidential candidate has also promised to review the Nigerian Education Loan Fund (NELFUND) if elected. He said he would embark on debt forgiveness for students who have already benefitted from the scheme and fund the education sector massively. NELFUND has so far provided financial support to over 1.5 million students across multiple tertiary institutions nationwide.
More than N355 billion, covering institutional tuition fees and direct upkeep allowances, has been distributed to the benefiting students. The NELFUND initiative has ensured that millions of students who should have dropped out because of their poor family background continue to pursue their academic career.
Besides, the steady payment of their fees through the scheme has guaranteed a source of money for higher institutions, resulting in a regular academic calendar. It is instructive to note that the Academic Staff Union of Universities, ASUU, has not gone since President Bola Tinubu assumed office. This should be celebrated. Yes, issue–based campaigns should be encouraged, but already settled issues such as petroleum subsidy removal and NELFUND shouldn’t be sacrificed on the altar of politics and desperation…
•The author, Owaikhena Osikhekha is a public affairs analyst based in Lagos.
