Abuja erupted into verbal fireworks yesterday as the Presidency, oil marketers and policy watchdogs tore into ADC presidential candidate Atiku Abubakar’s plan to bring back fuel subsidy, calling it a dangerous step backward wrapped in political optics.
The clash comes days after Atiku promised a “targeted subsidy” to ease Nigerians’ pain, a promise that immediately triggered three different explanations from his camp in one week.
Presidency: “He doesn’t understand his own policy”
Special Adviser on Information and Strategy, Bayo Onanuga, did not mince words. He accused Atiku of “suffering from a lack of basic understanding” of petroleum economics.
The Presidency said Atiku’s idea to “follow the barrel of crude” ignores reality: petrol is only about 45% of what a barrel yields. The rest — diesel, jet fuel, kerosene, asphalt, plastics and more — would either be subsidised too, or handed as profit to refineries.
“If subsidy returns, will he subsidise diesel for generators, kerosene for poor households, and jet fuel for airlines?” Onanuga asked. He challenged Atiku to publish the cost, beneficiaries, funding source and exit plan, warning Nigeria cannot afford “policy by trial and error” when the subsidy removal has already freed resources for federal, state and local governments.
Marketers and Think-tank: “This will drag us back to stone age”
IPMAN National President Abubakar Maigandi said returning subsidy is “a fraud” that will stifle investment and punish Nigerians twice.
“Since 2023, subsidy removal has put N15.8 trillion into government accounts and made states stable. We are now seeing fresh investments,” Maigandi said.
Independent Media and Policy Initiative (IMPI) was harsher, warning the reversal could slash revenue to states and LGs, choke government cash flow, kill ongoing projects and scare away foreign investors. “It looks attractive to suffering Nigerians, but it leads to greater hardship,” IMPI stated.
Socio political group Tinubu Media Vanguard said returning the fuel subsidy era would only put billions of Naira into the pockets of few cabals and smugglers.
Former Senator Ayo Arise also weighed in, saying the proposal would return Nigeria to “the dark era of economic mismanagement.”
“Show us the books first” — Hashim demands audit
Accord Party chieftain Dr Gbenga Olawepo-Hashim shifted focus to transparency. He called for a forensic audit of the entire petroleum chain — from crude to pump — to reveal the real cost of fuel.
“Publish production cost. Publish refinery cost. Publish transportation, insurance, margins. Let the data speak,” he said.
According to Hashim, Nigerians are paying twice: once for inflated production costs, and again through high pump prices. “Before asking people to pay more, government must explain why our oil costs so much,” he argued.
With 2027 politics heating up, the subsidy debate has moved from economics to credibility — and Atiku has been told: bring details, not slogans.
