I’ll Restore Fuel Subsidy If Elected President — Sowore

The presidential candidate of the African Action Congress (AAC) in the 2027 election, Omoyele Sowore, has said he would restore fuel subsidy if elected president.

Sowore made the declaration during an interview on ARISE TV on Tuesday while outlining his proposed approach to Nigeria’s economic challenges.

He said his administration would reconsider the removal of petrol subsidy, arguing that the government had not completely stopped subsidising the economy despite its decision to end the petrol subsidy regime.

According to Sowore, the government also supports the naira through what he described as indirect subsidies, while maintaining that Nigerians have not been given a clear account of the various forms of government intervention.

He argued that subsidies were not inherently harmful and that governments around the world often provide support to vulnerable citizens to reduce the impact of economic hardship.

Sowore further claimed that wealthy Nigerians benefit more from some government incentives than poorer citizens. He cited customs waivers granted to importers as an example of the type of economic support that, in his view, favours businesses and wealthy individuals.

The AAC candidate also linked the removal of petrol subsidy to the depreciation of the naira and the worsening cost of living experienced by Nigerians.

He criticised the government’s approach to addressing poverty, saying a change in economic thinking was required to reverse the conditions that had made poverty widespread in the country.

Sowore also raised concerns about food insecurity, arguing that Nigeria’s status as an oil-producing country should make the level of food shortages unacceptable.

He said government discussions about poverty and the economy should focus more on the actual living conditions of citizens rather than the terminology used to describe economic hardship.

President Bola Tinubu announced the removal of petrol subsidy on May 29, 2023, shortly after taking office. The decision led to a sharp increase in petrol prices and contributed to higher transportation and living costs.

Sowore’s proposal to restore the subsidy therefore represents a major departure from the current Federal Government’s policy, which has maintained that the subsidy regime was too costly to sustain.