Energy experts and economists have backed the proposal by former Vice President Atiku Abubakar for a review of the Federal Government’s petrol subsidy policy, urging President Bola Tinubu to introduce targeted measures to cushion the hardship caused by the removal of the subsidy.
The experts, who spoke separately on the development, however, warned against a blanket return to the old subsidy regime, stressing the need for transparency, accountability and proper implementation of any intervention.
They argued that while the removal of subsidy was necessary, the Federal Government had not adequately managed its consequences, particularly the rising cost of petrol, transportation, food and other essential goods.
Atiku, the presidential candidate of the African Democratic Congress, had recently proposed the return of petrol subsidy if elected in 2027, arguing that Nigerians had not sufficiently benefited from the savings generated by the removal of the subsidy.
He said his proposed intervention would be targeted, capped, budgeted, time-bound and independently audited, with the objective of supporting domestic production and shielding consumers from excessive petrol price shocks.
