Sowore Claims Federal Government Still Subsidizes Petrol and Foreign Exchange, Vows Policy Reversal

The presidential candidate of the African Action Congress (AAC), Omoyele Sowore, has asserted that the Federal Government continues to secretly subsidize both Premium Motor Spirit (petrol) and the local currency, despite public claims that fuel subsidies have been completely eliminated.

Speaking during a television interview on Tuesday, Sowore stated that the government has merely altered its terminology while continuing to intervene in the foreign exchange market to artificially support the value of the naira against the United States dollar.

Sowore argued that government intervention to support citizens and protect national currencies is a standard practice globally. However, he criticized the current administration for a lack of transparency regarding the scope of its economic interventions, maintaining that official policies have disproportionately benefited wealthy importers and large commercial interests through waivers rather than relieving the burden on low-income households.

Highlighting the broader economic impact, the AAC candidate linked current fiscal policies to rising living costs, heightened inflation, and widespread food insecurity across the country. Citing recent assessments by international development agencies regarding food access in 2026, Sowore warned that social pressure on working-class Nigerians is escalating as basic cost-of-living challenges persist.

Reiterating his political platform, Sowore pledged to officially restore fuel subsidies and overhaul current macroeconomic policies if elected, advocating for direct social support mechanisms and systemic reforms to stabilize the economy and address poverty.