By Eshioromeh Sebastian
Former Vice President and African Democratic Congress presidential candidate, Atiku Abubakar, has promised to restore fuel subsidy if he wins the 2027 presidential election.
This came as he also demanded that President Bola Tinubu provide a full account of approximately N30 trillion in Federation revenues and subsidy savings that he believes remain unaccounted for.
Atiku made the pledge during a Facebook Live session with his supporters, where he stated that his administration would immediately review the current fuel pricing policy upon assuming office.
He argued that the removal of subsidy has inflicted unbearable hardship on ordinary Nigerians without delivering the promised dividends.
“I initially did not oppose the removal of the fuel subsidy. But now that it has been removed, where is the money? Where has the subsidy money gone? Has it been used to improve healthcare, education or security?” Atiku asked.
“If I win the presidential election, I will restore the subsidy. And anyone who stole Nigeria’s subsidy funds must return the money,” he declared.
This follows a recent call by the former Vice President, through his Senior Special Assistant on Public Communication, Phrank Shaibu, on President Bola Tinubu’s administration to release a detailed statement of account for the gap between what enters the Federation Account and what is eventually distributed to the three tiers of government in the last three years.
Atiku cited figures from the Federation Account Allocation Committee showing that in July 2026, gross statutory revenue stood at N4.359 trillion. However, only N3.007 trillion was shared among the federal government, states, and local councils. He traced the pattern over several months to illustrate what he described as systemic opacity.
In January 2024, N2.068 trillion was reported as available revenue but only N1.149 trillion was distributed. In June 2025, N4.232 trillion was available but only N1.818 trillion was shared. By June 2026, N4.501 trillion was reported as available but only N2.551 trillion was distributed.
“The madness continues. Month after month, trillions of naira enter the Federation accounts, and month after month enormous amounts are removed under different classifications before the balance is distributed,” Atiku said.
He argued that the government cannot demand that citizens prove what happened to public funds whose collection, custody, deductions, and disbursement are exclusively under its control. He insisted that the burden of proof lies with the government.
“President Tinubu did not ask Nigerians to endure the agony of subsidy removal so that the proceeds could become unexplained stashed funds beyond public scrutiny. The savings and additional revenues generated by these reforms belong to the Nigerian people. They are not the private reserves of the Presidency or any government agency,” Atiku said.
He challenged the administration to publish a month-by-month and beneficiary-by-beneficiary reconciliation of Federation revenues from June 2023 to date. The reconciliation should clearly separate cost of collection, savings, transfers, interventions, refunds, and every other deduction.
“If the approximately N30 trillion is properly accounted for, President Tinubu should publish the ledger and show Nigerians where every naira went,” he declared.
Atiku also questioned the contradiction of an administration recording unprecedented revenues while simultaneously plunging Nigeria deeper into debt. He asked why Nigeria continues to borrow aggressively if substantial fiscal savings genuinely exist.
“If these trillions genuinely exist as savings, where are they and why is Nigeria borrowing so aggressively? If the money has been transferred, who received it? If it has been spent, what was it spent on? If it remains in government accounts, what are the balances today?” Atiku asked.
He maintained that the gains from subsidy removal should by now be evident in visible investments. Nigerians should see inter-state rail connectivity, increased funding for universities and polytechnics, stronger primary healthcare facilities, improved public transportation, and infrastructure that reduces the cost of doing business.
“Instead, Nigerians are paying more for petrol, electricity, transportation and food while the government celebrates record revenues without providing an equally transparent account of what happened to the proceeds of their sacrifice,” Atiku said.
The Federal Government has consistently defended the subsidy removal since it took effect in June 2023. The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, recently presented a reform scorecard showing that subsidy savings mobilised N15.8 trillion for the Federation between June 2023 and December 2025.
The government has also linked the removal to the viability of the Dangote refinery. Officials have argued that keeping petrol below N200 per litre would have made private refining investment impossible.
Minister of Information Mohammed Idris has acknowledged the hardships imposed on Nigerians. He insisted that the resources freed up were being redirected to infrastructure, economic renewal, and improved public welfare.
However, with the 2027 election campaign gathering momentum, Atiku’s promise to restore subsidy and his demands for financial transparency are likely to intensify debate over the Tinubu administration’s economic reforms.
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