The Presidency has criticised former Vice President Atiku Abubakar over his proposal to restore petrol subsidy if elected president, describing the policy as “retrogressive” and fiscally unsustainable.

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It said Atiku’s position represented a departure from his previous stance on petrol subsidy and urged him to explain how the proposed policy would be funded.

The Special Adviser to the President on Information and Strategy, Bayo Onanuga, stated this in a release on Thursday titled, “Restoring petrol subsidies: Atiku’s volte-face and desperation for power.”

Onanuga said Atiku, who previously advocated the removal of fuel subsidy, had now “opportunistically recanted” his position ahead of the 2027 general elections.

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Onanuga described the subsidy regime as “much-abused, wasteful, pillaged, corruption-ridden,” which he said had been made illegal from the end of June 2023, owing to the Petroleum Industry Act.

He noted that while it respects Abubakar’s constitutional right to propose alternative policies, the citizens deserved to understand the effects of the policy’s reversal.

“We respect Alhaji Atiku Abubakar’s constitutional right to propose alternative policies, to seek the support of Nigerians and recant a major policy prescription.

“However, Nigerians also deserve to understand what the proposed restoration of subsidy would actually mean, how it would be funded, and whether it is compatible with the legal and structural changes that have taken place in the petroleum sector,” he said.

The presidential aide cautioned that before the ex-VP’s idea deceives the masses, it’s high time the presidency subjects the “promise to a serious examination, especially in the context of Nigeria’s present economic and petroleum realities.”

“Alhaji Atiku Abubakar, former Vice President and perennial candidate for the presidency of Nigeria, has finally revealed his economic plans to Nigerians, should he be elected as President by January next year.

📰 Source: Punch Nigeria