A chieftain of the All Progressives Congress (APC), Alhaji Faizu Alfindiki, has dismissed former Vice President Atiku Abubakar’s pledge to restore the petrol subsidy, calling it inconsistent with Nigeria’s economic realities.
Atiku, the presidential candidate of the African Democratic Congress (ADC), said last week that he would reinstate the subsidy if elected in 2027, arguing that Nigerians have not benefited sufficiently from the savings since President Bola Ahmed Tinubu removed it.
In a statement issued to newsmen in Kano on Friday, Alfindiki said the debate should focus on accountability for subsidy savings, not a return to a regime he called financially unsustainable.
Alfindiki, a former Chairman of Kano Municipal Local Government, said the subsidy had placed enormous pressure on public finances and distorted the petroleum market.
‘It is legitimate to question how government revenues are being managed, but it is equally important to acknowledge the economic consequences of returning to a subsidy regime.
‘Nigerians deserve solutions that are sustainable, not policies designed primarily to win political arguments,’ he said.
He added that removing the subsidy was a ‘difficult but necessary decision’ that must be matched with measures to protect vulnerable citizens and boost domestic production.
The APC chieftain questioned Atiku’s reversal, noting that during the 2023 campaign the former VP had promised to remove the subsidy within his first 100 days in office.
‘Today, Atiku is presenting subsidy restoration as a solution, whereas his position before the 2023 election was that the subsidy should be removed. Nigerians are entitled to ask what has changed and why,’ Alfindiki said.
Alfindiki urged political leaders to shift the conversation from the subsidy to building a productive economy through increased local refining, better infrastructure and stronger investment.
‘The real question is how we create jobs, strengthen local production, reduce dependence on imported petroleum products and ensure that the benefits of reform reach ordinary Nigerians,’ he said.
He challenged Atiku and other critics to explain how a restored subsidy would be financed without increasing the fiscal burden or diverting funds from infrastructure, education and healthcare.
Citing recent comments by Finance Minister Taiwo Oyedele that reforms averted an economic collapse, and reports of renewed investor interest despite cost-of-living pressures, Alfindiki said: ‘President Tinubu should be held accountable for how the savings and additional revenues are used. That accountability is important. But accountability should not be confused with returning Nigeria to a system that was financially unsustainable.’
The Presidency has made a similar demand, asking Atiku to provide details on funding for his proposed subsidy restoration.
Alfindiki concluded that Nigeria’s economic debate must be grounded in facts, transparency and long-term national interest ‘rather than electoral rhetoric.’