Minister of Information and National Orientation Mohammed Idris has warned that restoring petrol subsidy would undermine Nigeria’s economic gains and reduce funds available for critical development projects.
Idris was reacting to former Vice-President Atiku Abubakar’s promise to restore fuel subsidy if elected president in 2027.
The minister argued that returning to the subsidy regime would force the government to choose between subsidising petrol and funding programmes such as student loans, consumer credit, roads, railways, electricity, healthcare, education and social protection.
He said Nigeria spent about $10 billion on petrol subsidies in 2022, even as oil production and government revenues were declining.
Idris also cited Finance Minister Taiwo Oyedele’s disclosure that subsidy reforms generated N15.8 trillion in additional resources for the federal, state and local governments between June 2023 and December 2025.
According to Idris, the fiscal gains have helped states and local governments meet salary and pension obligations, while also providing funding for infrastructure and social investment programmes.
He said about N6.47 trillion had been spent additionally on strategic infrastructure, while over N400 billion had been committed to programmes including NELFUND, MREIF and CREDICORP.
The minister therefore urged Nigerians to consider the broader economic consequences before supporting calls to restore petrol subsidy.
About the Author
