Opposition Party Pledges to Bring Back Multibillion-Dollar Fuel Subsidy Ahead of Election

Nigeria’s fuel subsidy, which amounted to $10 billion in 2022, was scrapped by President Bola Tinubu’s administration, sparking a political flashpoint ahead of the national elections. The African Democratic Congress declared that reinstating the subsidy will anchor its electoral campaign, with former vice president Atiku Abubakar pledging a “targeted subsidy” that differs from the previous scheme. The party argues that Nigerians are too poor not to receive such support.

Tinubu’s officials maintain the subsidy’s removal was essential to address the country’s large budget deficit and has resulted in higher monthly transfers to the states. The International Monetary Fund last year highlighted the subsidy cut as contributing to improved macro-economic stability and resilience. The issue is expected to dominate campaign debates as the vote draws near.