Marcus Nkire
The Presidency has estimated that the proposed return of petrol subsidy under former Vice President Atiku Abubakar could cost Nigeria about N19.1 trillion annually.
The estimate was disclosed by Otega Ogra, Senior Special Assistant to President Bola Tinubu on Digital and New Media, during an appearance on TVC News.
The controversy followed a statement by Atiku’s spokesperson, Paul Ibe, that an administration led by the former vice president would restore petrol subsidy for a period as part of measures to reduce the cost of living.
Atiku later clarified that the proposed subsidy would not be tied to a specific date for withdrawal, maintaining that he would restore the policy if elected president.
Reacting to the proposal, Ogra questioned how the former vice president intended to finance the subsidy and raised concerns about the potential beneficiaries of such a policy.
According to the presidential aide, calculations based on crude oil selling at $80 per barrel and a subsidy requirement of approximately $40 per barrel put the annual cost at N19.1 trillion.
Ogra further estimated that the policy could require about N52.3 billion every day, translating to roughly N1.5 trillion monthly.
He also criticised Atiku’s proposal for failing to clearly state the volume of crude oil required, the spending limit or the financial estimates underpinning the proposed subsidy regime.
Ogra argued that the absence of such details made it difficult to determine how the policy would be implemented and sustained.
He further claimed that the estimated annual expenditure would amount to approximately N605,000 for every Nigerian.
However, the figures and assumptions presented by the presidential aide were not independently verified in the report.
The debate over petrol subsidy remains a major economic and political issue ahead of the 2027 presidential election, with proponents arguing that it could ease pressure on households while opponents have raised concerns over its financial sustainability.
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