2027: Peter Obi-led government will reintroduce fuel subsidy in different form — Kwankwaso

Rabiu Kwankwaso, vice-presidential candidate of the Nigeria Democratic Congress (NDC), has said an administration led by the party’s presidential candidate, Peter Obi, would reintroduce fuel subsidy through a different approach if elected in 2027.

Kwankwaso, a former Kano State governor, made the statement during an interview with Arise News while discussing petrol pricing and the removal of fuel subsidy under President Bola Tinubu’s administration. (Punch Newspapers)

Asked whether the NDC’s position on subsidy could affect its campaign in the North-West, Kwankwaso said the party would introduce its own form of subsidy.

“No, no, no, look. We are bringing subsidy in our own way,” he said.

He explained that one of the measures the NDC could pursue would be increased government investment in domestic refining, including the establishment of additional refineries to boost local production and reduce dependence on imported petroleum products.

Kwankwaso said the objective would be to ensure that Nigerians can purchase petrol at what he described as a reasonable price.

“If individuals in this country could build refineries, I see no reason why government, under certain circumstances, will not build a refinery or refineries to the extent that we achieve the minimum requirement,” he said.

He added that the NDC would pursue measures aimed at lowering petrol prices.

“We, in the NDC, will do whatever it takes, really, to put the price of oil down,” he said.

Kwankwaso criticises Tinubu’s subsidy removal

Kwankwaso also criticised the manner in which Tinubu removed the petrol subsidy shortly after assuming office in May 2023.

He acknowledged that the major presidential candidates in the 2023 election had campaigned on removing the subsidy but faulted Tinubu for implementing the policy immediately.

According to him, the government did not adequately consider the potential consequences of the decision before removing the subsidy.

“Among the three of them, Bola Tinubu decided to do so and removed the subsidy. And the consequences that we thought would happen, certainly happened,” Kwankwaso said.

He added that the policy was implemented “immediately—in fact, day one” without sufficient consideration of the issues associated with its removal.

Tinubu announced the end of the petrol subsidy in his inaugural address on May 29, 2023, declaring that “subsidy is gone.” The policy subsequently led to a sharp increase in petrol prices and contributed to higher transportation and living costs. (The Telegraph Nigeria)

Kwankwaso’s comments come amid renewed debate over fuel pricing and subsidy policy as political parties prepare their economic positions ahead of the 2027 general elections.