Alternative Movement promoter says decades of subsidy policy failed to deliver sustainable economic benefits
The Chief Promoter of the Alternative Movement, Otunba Segun Showunmi, has criticised former Vice-President Atiku Abubakar’s proposal to restore petrol subsidy if elected president in 2027.
Showunmi argued that Nigeria had operated various forms of petrol subsidy for decades without achieving sustainable economic outcomes and said the country should not return to what he described as past policy failures.
His comments followed Atiku’s renewed advocacy for a targeted petrol subsidy as part of measures to reduce the cost-of-living burden on Nigerians.
Showunmi invokes ‘Egypt’ analogy
Showunmi used the phrase “We won’t go back to Egypt” to express his opposition to a return to the previous subsidy framework.
He argued that the long-running subsidy regime had imposed substantial financial obligations on government without delivering the economic transformation expected from the expenditure.
The Alternative Movement promoter said policy should instead focus on addressing the structural problems affecting the country’s economy and energy sector.
Atiku proposes targeted subsidy
Atiku has defended his position by arguing that a targeted subsidy could provide relief to Nigerians facing high transportation and living costs.
The former vice-president has said that, if elected in 2027, his administration would restore a form of petrol subsidy while pursuing increased domestic refining and measures designed to reduce fuel prices.
The proposal has drawn criticism from the Tinubu administration and other political actors, who argue that a return to subsidy would recreate the fiscal pressures associated with the previous system.
Policy debate continues
The disagreement reflects a broader argument over how Nigeria should balance fiscal sustainability with immediate relief for households and businesses.
The Tinubu administration has maintained that its alternative is to expand CNG infrastructure and reduce transportation costs through cheaper energy.
On Saturday, Tinubu said more than 120,000 vehicles had been converted to CNG and urged states to accelerate the programme ahead of a government target for measurable transport-fare reductions from October 1.
The competing positions are likely to remain central to economic debate as political parties and candidates develop their 2027 policy platforms.