News
NDC Reveals Peter Obi’s Plan For Fuel Subsidy Money
The Nigeria Democratic Congress (NDC) has said its presidential candidate, Peter Obi, would deploy funds saved from the removal of fuel subsidy directly to improve the welfare of Nigerians rather than transferring the resources to state governors.
Theo Abu Agada, the party’s Director of New Media and Strategic Communications, stated this while responding to renewed debate over the future of fuel subsidy ahead of the 2027 presidential election.
Agada said Obi had maintained a consistent position on subsidy removal and the deregulation of the downstream petroleum sector, arguing that the critical issue was how the resources generated from the policy were managed.
His comments came against the backdrop of a proposal by the African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, for the restoration of fuel subsidy if elected in 2027.
President Bola Tinubu had announced the end of the petrol subsidy regime during his inauguration on May 29, 2023, triggering significant economic and political debate over the consequences of the policy.
According to Agada, Obi would neither return the subsidy regime nor allow the funds saved from it to be controlled by political office holders.
He said the NDC candidate would instead channel the resources into projects and programmes capable of directly improving living standards and stimulating economic opportunities.
“For Peter Obi and many of us who have, since 2012, advocated for the removal of the subsidy and the deregulation of the downstream sector, the policy position has always been the transparent management of the subsidy regime,” Agada said in a post on X.
He added that Obi would not “put the money in the pockets of the governors like Tinubu” or restore the influence of what he described as “oil cabals” that benefited from the former subsidy arrangement.
“We will put the money in the pockets of Nigerians and also channel the funds into building quality healthcare facilities, transport infrastructure, schools, and other programmes that will create jobs for Nigerians,” he said.
Agada also questioned the change in Atiku’s position on subsidy, recalling that the former vice president had previously supported its removal.
The debate over subsidy has become increasingly prominent ahead of the 2027 election as various presidential candidates offer competing prescriptions on how the government should address the economic hardship associated with the removal of the policy.
Meanwhile, the Director of the Abuja School of Social and Political Thought, Sam Amadi, has expressed confidence that Obi could defeat Tinubu and Atiku in the 2027 presidential election.
Amadi, speaking in an interview with Symfoni TV, argued that the existing political calculations surrounding Tinubu and Atiku did not guarantee either candidate victory.
He said Obi’s performance in the 2023 presidential election, particularly his support among younger Nigerians and his showing in several states, had demonstrated the potential for a major political realignment.
Amadi argued that the 2020 #EndSARS protests also contributed to a growing demand among young Nigerians for a different political direction, which he said had strengthened Obi’s appeal.
“There is this sense that Nigeria needs something new, and the restiveness and disruption during the 2020 EndSARS incident is a milestone for Obi,” he said.
He further claimed that Obi had secured significant support in the 2023 election, alleging that the former Anambra State governor won in Rivers, Plateau and some northern states but was not declared the winner by the Independent National Electoral Commission (INEC).
According to Amadi, Obi’s 2023 performance remains a major factor that could shape the 2027 contest, particularly if the electorate’s demand for political change continues to grow.
FTSE Russell has confirmed, in a market notice published on Thursday, that Nigeria’s reclassification from Unclassified to Frontier Market status will proceed effective from the open of trading on 21 September.
The decision marks Nigeria’s return to the global Frontier Market universe and represents an important milestone for the country’s capital market.
The announcement follows a process that began in October 2025, when FTSE Russell placed Nigeria on its Watch List for potential reclassification, following improvements in foreign exchange liquidity, capital repatriation and market accessibility.
In April 2026, FTSE Russell subsequently announced Nigeria’s return to Frontier Market status, with an effective date of 21 September.
Following Nigeria’s transition from a T+2 to T+1 settlement cycle on 1 June, FTSE Russell undertook an additional assessment after market participants raised concerns that the new settlement framework could effectively result in a de facto prefunding requirement for international institutional investors.
The review led to an extensive period of engagement between NGX Group, the Securities and Exchange Commission (SEC), FTSE Russell and international market participants.
In its reaction, NGX Group said its delegation engaged directly with global custodians and institutional investors in July. The discussions provided an opportunity for NGX Group to present evidence on the operation of the T+1 settlement cycle, address questions raised by international investors and custodians, and outline ongoing efforts to ensure that Nigeria’s market infrastructure remains aligned with evolving international best practice.
Following the assessment, FTSE Russell, supported by feedback from the FTSE Equity Country Classification Advisory Committee, confirmed that “no material settlement, operational or funding issues had been observed since the implementation of the T+1 settlement cycle”. On this basis, the FTSE Russell Index Governance Board confirmed that Nigeria’s reclassification will proceed as scheduled from the market open on Monday, 21 September 2026.
The announcement comes amid broader efforts to strengthen the Nigerian capital market and position it as an increasingly important engine of investment and economic growth.
On 6 August, the NGX Group Board met with President Bola Ahmed Tinubu at the Presidential Villa in Abuja to brief him on developments and reforms across the Nigerian capital market and discuss the market’s role in mobilising long-term capital to support Nigeria’s economic transformation agenda.
The engagement underscored the importance of continued collaboration between government and the capital-market ecosystem in creating an enabling environment for investment, capital formation and sustainable economic growth.
Nigeria’s return to Frontier Market status provides further international recognition of the progress being made across the market and creates a platform for the next phase of its development.
Commenting on the development, Temi Popoola, Group Managing Director/Chief Executive Officer, NGX Group, said, “This is an important moment for Nigeria’s capital market. But the real significance of returning to Frontier Market status is the opportunity it creates for the next phase of our market’s development.
We have to turn greater international visibility into broader participation, deeper liquidity and more capital for Nigerian businesses. Our ambition is to build a market that is increasingly competitive globally and more relevant to Nigeria’s economic growth. We are encouraged by the continued support of the Federal Government and the commitment of stakeholders across the market as we work towards that ambition.”
The next milestone will be the publication of the FTSE Frontier Index Series annual indicative review files for September 2026, which will reflect Nigeria’s reclassification and are scheduled to begin publication on Wednesday, 2 September 2026. The reclassification will take effect from the market open on Monday, 21 September 2026.
Nigeria’s return to Frontier Market status is expected to enhance the visibility of Nigerian equities within the global investment community and create further opportunities to broaden engagement with international institutional investors and deepen participation in the Nigerian market.
The development follows S&P Dow Jones Indices’ placement of Nigeria on its Watch List for potential reclassification to Frontier Market status as part of its 2027 Country Classification Annual Review, providing a further indication of growing international attention to improvements in Nigeria’s market accessibility.
NGX Group reaffirms its commitment to continued collaboration with the Federal Government, SEC, market operators, investors, global index providers and other stakeholders to strengthen Nigeria’s position within the international financial ecosystem and ensure that the capital market plays an increasingly important role in sustainable economic growth and capital formation.
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