2027: ‘I won’t restore petrol subsidy’ — YPP candidate Agada
Peter Agada, the presidential candidate for the Young Progressives Party (YPP), has stated he will not reinstate the petrol subsidy if elected in the 2027 general elections, affirming his support for the policy introduced by President Bola Tinubu.
In a Friday interview on Channels Television’s Politics Today, Agada discussed his strategies for tackling Nigeria’s revenue and expenditure challenges. Tinubu’s removal of the petrol subsidy, announced during his inauguration on May 29, 2023, resulted in increased petrol prices and a subsequent rise in the cost of goods and services.
While some candidates, including Atiku Abubakar of the African Democratic Congress (ADC), have called for the reinstatement of the subsidy to alleviate fuel costs and economic strain, Agada expressed his commitment to maintaining its removal. “I will stick to the gun with the present administration. We will remove subsidy the way they have done,” he said.
Agada contended that Nigeria’s economic difficulties are not solely due to the subsidy removal, but are also linked to the management of oil revenues and production expenses. He pointed out that the actual revenue retained by the Federal Government from crude oil production is considerably diminished by royalties and other deductions, raising concerns about its adequacy to meet national needs.
He highlighted the necessity of reviewing the Engineering, Procurement, and Construction (EPC) system to address inefficiencies and enhance government revenue. “We want to interrogate that system because we think that the wastage and the majority of the challenges Nigeria is facing in terms of lower revenue is coming from that whole regime or that system that Nigeria practices,” Agada remarked.
Furthermore, Agada maintained that the current system had inherent flaws from its inception and called for reforms to improve its efficiency. He acknowledged that Nigeria grapples with both revenue and expenditure issues but emphasized that the more critical problem lies in excessive and inefficient spending.
According to Agada, enhancing public expenditure management and closing revenue leakages are essential steps to addressing the country’s economic challenges, all while keeping the petrol subsidy removal policy intact.
