The presidential Federal Government has not accounted for subsidy removal funds – Atiku candidate of the African Democratic Congress, Atiku Abubakar, has accused the Federal Government of failing to account for the funds saved from the removal of the petrol subsidy.
Atiku made the allegation during an interview on Wednesday, arguing that the savings from the policy were expected to be used to reduce poverty, improve education, strengthen security and create opportunities for young Nigerians.
“I did not oppose the removal of the oil subsidy, but where is the money? Where did it go? It was intended to reduce poverty and help children attend school. Where is the money now? It seems they are just stealing it,” Atiku said in Hausa.
He said the removal of the subsidy would have been justified if the resulting savings had been transparently deployed to development projects and programmes capable of improving the lives of Nigerians.
“The government successfully removed the subsidy, but we do not know where the money went. If they had used the money for development, to solve security problems, for education, and to create opportunities for the youth, it would be different.”
Atiku, who is seeking the presidency in the 2027 election, subsequently pledged to restore the petrol subsidy if elected, saying his administration would ensure that resources were properly deployed for the benefit of Nigerians.
“If elected, I will bring back the oil subsidy, and whoever stole the money must refund it.”
He added that his administration would ensure that funds previously saved through the policy were channelled into development and social interventions.
“If elected, I can remove the subsidy and use the money to do all these properly.”
President Bola Tinubu announced the removal of the petrol subsidy in his inaugural address on May 29, 2023. The policy led to an immediate increase in petrol prices and contributed to a rise in the cost of goods and services across the country.
However, the Federal Government has consistently maintained that subsidy removal has freed resources for the three tiers of government and strengthened public revenue.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said on Wednesday that Nigeria generated N15.8tn in resources from the removal of the petrol subsidy between June 2023 and December 2025.
Oyedele explained that the resources were reflected through increased revenue collections, particularly as the naira value of dollar-denominated transactions rose following the foreign exchange reforms.
Some state governors have also acknowledged significant increases in their monthly allocations from the Federation Account Allocation Committee since the subsidy was removed.
Atiku, however, maintained that the government must account for the resources generated from the policy and demonstrate how they have been utilised to improve the welfare of Nigerians.
