As debates on the reversal of fuel subsidy as proposed by the ex-Vice President and presidential candidate of the opposition African Democratic Congress (ADC), Alhaji Atiku Abubakar continues to rage, the Presidency has said that doing so would distort the oil market and refered to it as a pathway to fraud. Tunde Rahman, Senior Special... The post Subsidizing Fuel Producion’ll Distort Market, Still Pathway To Fraud, Presidency Tells Atiku appeared first on New Telegraph .
As debates on the reversal of fuel subsidy as proposed by the ex-Vice President and presidential candidate of the opposition African Democratic Congress (ADC), Alhaji Atiku Abubakar continues to rage, the Presidency has said that doing so would distort the oil market and refered to it as a pathway to fraud.
Tunde Rahman, Senior Special Assistant to President Tinubu on Media & Special Duties, in a piece on Sunday stated that though Atiku’s latest campaign point was a welcome development away from dwelling on President Bola Tinubu’s qualifications and alleged drug indictments, adopting such proposal would return the country to the failed economics that stagnated the nation for 40 years.
He said: “President Bola Ahmed Tinubu took the difficult decision in May 2023 to end the fuel subsidy regime. It was not popular. But it was necessary, indeed expedient. And three years on, the results prove why turning back the wheels should not even be contemplated.”
“Subsidising production will still distort the market. It is still a pathway to fraud. And it will still mean less money for education, security, healthcare, and infrastructure. Subsidy removal is already delivering. The country’s GDP growth rate at 3.89% is the biggest economic expansion in recent times. Nigeria’s annual inflation rate eased for the second month to 15.43% in July 2026. The Nigerian currency is stabilising against major currencies, the stock market is expanding, and the country’s foreign reserves have grown exponentially and presently stand at over $53 billion. This helps build confidence in investors.
“If these favourable macroeconomic indicators have not fully impacted the living standards of our people, it is only a matter of time, in my view, given the ongoing positive trajectory.
Leadership sometimes entails tough choices. President Tinubu’s removal of subsidy was not a whimsical decision. He did it because it was the right thing to do.
Real reform requires courage. The easy thing is to return to a failed regime and buy temporary applause as Atiku seeks to do. That would be sheer populism.
“Nigeria tried subsidy for four decades, and we ended up importing fuel while exporting crude. We tried it, and it led to a debt pile-up. We tried it, and our refineries collapsed. 2027 should not be about going back to fuel subsidy as Atiku is canvassing. It should be about staying the course until local refining, competition, and CNG fully drive prices down.”
He continued “We respect Alhaji Atiku’s right to propose alternatives. But Nigerians must ask: do we want relief today that creates crisis tomorrow, or do we endure a little longer to build a Nigeria that works without fraud and waste?
President Tinubu chose reform over rhetoric. He chose a promising future over a decadent past. Returning to subsidy is not progress. It is a U-turn Nigeria cannot afford,” he added.
