Former Kogi West Senator Dino Melaye has said former Vice-President Atiku Abubakar’s plan to restore petrol subsidy could reduce the price of fuel to between ₦400 and ₦500 per litre if implemented. Speaking on AIT’s Democracy Today programme on Monday, Melaye said the proposal was part of the African Democratic Congress (ADC)’s plan to reduce the cost of living and make essential goods more affordable for Nigerians.
Melaye argued that the current high petrol price has increased transportation costs and contributed to rising prices of goods and services. He said reducing the cost of fuel would have a wider effect across the economy because transportation and the movement of goods depend heavily on petroleum products. Atiku had earlier said he would restore the petrol subsidy if elected president in 2027, a proposal that President Bola Tinubu has criticised, arguing that subsidy removal has increased funds available to state governments.
The former senator also defended the proposed subsidy by arguing that corruption, rather than subsidy itself, was responsible for the loss of public funds. Melaye further questioned the level of borrowing under the current administration, comparing it with borrowing during Muhammadu Buhari’s presidency. He claimed Buhari borrowed ₦87 trillion over eight years while subsidy remained in place, whereas he said the Tinubu administration had borrowed ₦157 trillion in three years without paying petrol subsidy.
