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The Presidency has estimated that a proposed plan by former Vice-President Atiku Abubakar to restore petrol subsidy could cost Nigeria about N19.1 trillion annually.
Otega Ogra, Senior Special Assistant to President Bola Ahmed Tinubu on Digital and New Media, made the claim during a television programme on Tuesday.
The development follows comments by Atiku’s spokesperson, Paul Ibe, who said an Atiku administration would consider reintroducing petrol subsidy before eventually phasing it out. Atiku later clarified that his position remained unchanged and that he would restore the subsidy if elected president.
Ogra argued that the proposed subsidy would place a significant financial burden on the country, estimating the cost at about N52.3 billion daily and N1.5 trillion monthly, based on crude oil prices and the estimated subsidy requirement.
The presidential aide also defended the Tinubu administration’s decision to remove petrol subsidy, saying the reform had helped redirect resources towards the federation.
On August 19, Finance Minister and Coordinating Minister of the Economy, Taiwo Oyedele, said savings from petrol subsidy removal had generated N15.8 trillion in resources for the federation between June 2023 and December 2025.
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