The Federal Government has rejected former Vice President Atiku Abubakar’s call to restore petrol subsidy, warning that the policy would put renewed pressure on public finances.
President Bola Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, says the subsidy regime was removed by law in June twenty twenty-three and cannot simply be restored without legislative changes.
The government says subsidy removal has freed billions of naira for salaries and infrastructure, while increased domestic refining has reduced Nigeria’s dependence on imported petrol.
It also warns that restoring subsidy could undermine domestic refining and return the country to heavy borrowing and rising debt.
The government is asking supporters of the policy to explain how it would be funded.
It says cheaper energy should instead come through alternatives such as Compressed Natural Gas, CNG.
