By Jerrywright Ukwu

Omoyele Sowore, presidential candidate of the African Action Congress (AAC), says he will restore petrol subsidy if elected president in 2027.

Speaking during an appearance on Arise Television, on Tuesday, the Sahara Reporters publisher also alleged that the federal government is still subsidising petrol and the naira despite its claim that subsidy has been removed.

President Bola Tinubu famously ended the petrol subsidy regime on his first day on the job in 2023. The declaration at the Eagle Square venue of his inauguration immediately led to a spike in the price of petrol and galloping inflation that is yet to abate.

The president subsequently unified the exchange rates and floated the naira as economic hardship pulverised millions of Nigerians.

Asked whether he would bring back petrol subsidy, Sowore said, “absolutely”.

He argued that the government merely changed the name of the subsidy.

“In the first place, they’re still paying subsidies. They’re just changing the name of what they call it,” he said.

“They’re subsidising not only petrol because they don’t have enough and they can’t produce locally. They’re also subsidising the naira. That’s one thing they will never tell you.”

The activist also stated that subsidy is not inherently bad, saying governments should provide support for vulnerable citizens.

“You see what everybody has agreed happened to subsidy — it’s not that subsidy is bad because there’s no country that doesn’t subsidise the poor,” he said.

Sowore, however, argued that Nigeria’s subsidy regime disproportionately benefits wealthy individuals and businesses.

“In fact, the people that get the most subsidy in Nigeria are not the poor; it’s the rich,” he said.

“All the people who bring in foreign goods and services, go and look at their waivers at customs, you will know who’s getting real subsidy compared to the people who are getting N10 from each gallon of petrol that was taken away from them.”

‘ECONOMY TANKED AFTER SUBSIDY REMOVAL’

Sowore said the removal of subsidy on petrol worsened Nigeria’s economy and currency.

“And you saw what happened immediately you remove subsidy. Your economy tanked, your naira also went down the toilet,” he said.

He added that Nigeria needs to abandon what he described as an outdated economic mentality that has entrenched poverty.

“What we have to do differently, first and foremost, is to get rid of this old mentality and the ideas that brought poverty to become a standard and household name in Nigeria,” he said.

Sowore also criticised the government’s emphasis on economic indicators, arguing that improved statistics would mean little if Nigerians continue to struggle to afford basic necessities.

“It’s all about the optics. But optics don’t feed people,” he said.

‘NIGERIA HAS FOOD SHORTAGES’

The AAC candidate said Nigeria’s economic difficulties have contributed to worsening food insecurity.

He cited the latest Food and Agriculture Organisation (FAO) report, saying it is damning that Nigeria ranks high among countries facing food shortages in 2026.

“The Food and Agricultural Organisation regards Nigeria as one of the places where you need food in 2026,” he said.

“That is to say we are so bad and we are about the only country producing oil that’s on FAO’s list of countries that you have food shortages.”

Sowore said addressing poverty and food insecurity should be prioritised over the presentation of favourable economic statistics.

Source: TheCable