Paul Ibe, spokesperson to former Vice-President Atiku Abubakar, has disclosed that his principal would reintroduce petrol subsidy if elected president in 2027, but only as a temporary measure to help stabilize the economy.
Speaking on AIT on Tuesday, Ibe explained that the proposed policy would differ from Nigeria’s previous petrol subsidy system. He said the intervention would be linked to crude oil production and domestic refining rather than simply subsidizing imported petrol.
According to him, the objective would be to provide short-term relief to households and businesses, stimulate economic activity and create an environment where productivity can improve.
Subsidy Would Be Linked to Crude Oil
Ibe said Atiku’s proposal would involve supplying crude oil to local refineries at a discounted rate. The lower cost of crude, he explained, would enable refiners to produce petrol and diesel more cheaply and ultimately reduce the prices paid by consumers.
He said an independent committee would be responsible for determining the appropriate price at which crude oil would be supplied to refiners, taking prevailing market conditions into consideration.
Although the downstream petroleum sector has been deregulated, Ibe maintained that the government could still monitor prices to ensure that refiners and marketers operate within the objectives of the policy.
He explained that the government would not necessarily impose a fixed pump price but could establish a monitoring framework to ensure that the benefits of the intervention reach consumers.
‘It Would Be a Temporary Measure’
Ibe stressed that the proposed subsidy would not be permanent. Instead, he said it would be introduced for a limited period to help revive the economy and improve productivity.
According to him, the intervention would give Nigerians and manufacturers enough breathing space to recover from the effects of rising energy and production costs.
He argued that the government should create conditions that allow businesses to operate more efficiently rather than placing additional pressure on households and manufacturers.
Atiku Criticizes Tinubu’s Economic Reforms
The former vice-president’s spokesman also criticized President Bola Tinubu’s administration for implementing several major economic reforms without allowing sufficient time for the economy to adjust.
Ibe compared the approach to carrying out several major medical procedures on a patient without allowing adequate time for recovery.
He argued that the removal of petrol subsidy, foreign exchange deregulation and the withdrawal of electricity subsidies were implemented almost simultaneously, placing additional pressure on Nigerians.
According to him, the government should have introduced adequate measures to cushion the effects of the reforms before implementing further changes.
He particularly criticized the removal of petrol subsidy without what he described as sufficient “shock absorbers” or effective palliative measures for citizens.
Ibe maintained that restoring a temporary intervention would provide households and businesses with an opportunity to recover and increase their productivity.
Atiku and Tinubu Clash Over Subsidy Proposal
The comments come amid an ongoing disagreement between Atiku and President Tinubu over the former vice-president’s proposal to bring back petrol subsidy.
Atiku has argued that a carefully structured intervention could help reduce the burden of high fuel prices and support economic recovery.
Tinubu, however, has previously criticized the proposal, describing it as evidence of what he called “serious ignorance on governance and economy.”
The disagreement places petrol pricing and economic policy at the center of the emerging political debate ahead of the 2027 presidential election.
