Atiku petrol subsidy plan: Presidency, OPS and Wike kick against 2027 promise
By: Abudu Olalekan
Politics in Nigeria is always a rollercoaster. Remember the 2023 elections? Atiku Abubakar, then the PDP candidate, promised to scrap the petrol subsidy within his first 100 days in office. Fast forward to today, and the script has completely flipped.
Now running under the African Democratic Congress (ADC), the former Vice President says he will bring the subsidy back if he wins the 2027 presidential election.
People are not happy. In fact, the backlash has been brutal.
Let’s look at what he actually proposed. In his newly released Atiku Economic Recovery Plan 2027, Atiku isn’t talking about the old, corrupt system where middlemen got rich. Instead, he wants to shift government support from imported fuel to locally refined products. The idea is to give qualifying Nigerian refineries crude oil at a discount. But their is a catch. They must pass the savings directly to the everyday consumer.
Through a statement by his aide, Phrank Shaibu, Atiku also dropped a bombshell. He is demanding answers about the nearly N12 trillion the NNPC spent on “energy security” in 2023 and 2024. If the subsidy was removed, where did all that money go? He argued that Nigerians shouldn’t pay twice. First through punishing pump prices, and then through hidden government costs.
His new model has strict rules. No phantom cargoes. No fictitious imports. There would be a fixed annual budget so the government doesn’t get surprise bills. He even included a sunset clause, meaning the support will eventually phase out as local refining gets stronger.
But the Presidency is having none of it.
President Bola Tinubu didn’t mince words. While hosting Osun State Governor Ademola Adeleke, Tinubu called Atiku’s promise a display of “serious ignorance” regarding the economy. He reminded everyone that before his administration took over, 27 states couldn’t even pay salaries.
Bayo Onanuga, the President’s Special Adviser on Information, went even harder. He described the idea as fiscally reckless and politically desperate. Onanuga said Atiku is acting like a renegade who just doesn’t understand today’s economic realities. According to him, bringing back the subsidy would kill local production, hurt the Dangote Refinery, and cause less jobs across the board.
Sunday Dare, another presidential aide, took to social media to slam the ADC candidate. He called the promise “drenched in hypocrisy and deceit” and said it was just a trick to hoodwink unsuspecting voters.
Then Nyesom Wike joined the fray.
You knew the FCT Minister was going to have something to say. Wike didn’t hold back at all. He called Atiku a “voodoo economist” who will say anything just to get votes. Wike pointed out the obvious contradiction. Atiku used to call the subsidy a massive fraud. Now he wants to bring it back?
Wike also asked a very practical question. With the NNPC now a fully commercial entity under the Petroleum Industry Act, how exactly will Atiku pay a subsidy on fuel produced by private companies? It just doesn’t make sense.
It’s not just politicians complaining. Business leaders and economists are shaking their heads too.
Femi Egbesola from the Association of Small Business Owners told Reportersroom that while cheaper fuel sounds nice, going back to the old system is a terrible idea. The government saved about N15.8 trillion by removing it. Why throw that away?
Segun Kuti-George was even more blunt. He called the proposal “economic suicide.” We already went through the pain of removing it. Going back now is like turning around halfway to the promised land. He said the money saved is better spent on infrastructure.
Dr. Ayo Teriba and Prof. Franklin Ngwu agreed. Subsidizing prices just encourages waste. Ngwu pointed out that the money saved is better spent on education and healthcare. We have over 18 million out-of-school children. Fix that first.
Economist Dr. Vincent Nwani asked a very logical question. If you bring back the subsidy, do you also reverse the new N70,000 minimum wage back to N30,000? You can’t just untangle one part of the economy without breaking everything else. He advised the government to focus on security, power, and roads instead of cheap petrol.
Political rivals are also confused. The National Democratic Congress (NDC) found Atiku’s new stance strange. Their spokesperson, Osa Director, reminded everyone that both Atiku and Peter Obi promised to kill the subsidy back in 2023. As for Obi’s current stance? The NDC says he is still reviewing the situation.
Then there is the Nigeria Labour Congress (NLC). They are completely torn.
Spokesperson Benson Upah said the NLC is open to bringing it back if it actually helps workers. He argued that subsidies aren’t inherently evil, the corruption around them is the real problem. He thinks the government should go after the crooks instead of making the masses suffer.
But Christopher Onyeka, the NLC’s National Assistant Secretary, totally disagreed. He told Reportersroom that while cheaper fuel is great, returning to the old subsidy regime is unacceptable.
At the end of the day, Atiku’s proposal has sparked a massive debate. Everyone are definitely feeling the heat of high fuel prices and the rising cost of living. But is bringing back the subsidy the right cure, or just a populist band-aid?
The 2027 election just got alot more interesting.
Olalekan A. Abudu is a seasoned and dedicated News Journalist at REPORTERS ROOM, with over eight years of experience. He specializes in politics, climate change, health, and education, while also covering security, economic, and judicial issues. Committed to accuracy and balanced reporting, Olalekan exemplifies the principles of public-interest journalism.
