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 of Nigeria.

Sowore made the promise during an interview on ARISE TV on Tuesday while outlining his proposed alternative approach to tackling the country’s economic challenges.

Asked whether his administration would bring back fuel subsidy, Sowore responded, “Absolutely.”

He argued that despite the Federal Government’s decision to remove petrol subsidy, the government was still subsidising other aspects of the economy, including the naira.

According to him, the government’s support for the naira exchange rate amounted to a form of “quiet and secret” subsidy.

Sowore also argued that subsidies were not inherently bad, saying governments around the world provide various forms of support to protect vulnerable citizens.

He, however, claimed that wealthy Nigerians benefit more from subsidies in Nigeria, citing customs waivers granted to importers as an example.

The AAC candidate further linked the removal of fuel subsidy to the depreciation of the naira and worsening economic conditions, arguing that Nigerians experienced a significant deterioration in their purchasing power following the policy.

Sowore said his administration would seek to abandon what he described as the “old mentality” that had allowed poverty to become entrenched in Nigeria.

He also criticised the description of Nigeria’s economic situation as “multidimensional poverty,” while raising concerns over food insecurity and the country’s position among nations facing food shortages.

Sowore said government communication about the economy should focus less on presentation and more on addressing the realities confronting Nigerians.

President Bola Tinubu announced the removal of the decades-old petrol subsidy on May 29, 2023, during his inauguration speech, declaring that “subsidy is gone.” The policy took effect almost immediately, triggering a sharp increase in petrol prices and contributing to higher transportation and living costs across the country.