Former Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has disclosed that the late President Muhammadu Buhari once threatened to relieve him of his duties if his push to end petrol subsidy turned out unsuccessful.
Kachikwu, who served as minister between 2016 and 2019, made the revelation on Monday during a virtual business mentorship lecture series hosted by the Nigerian Content Development and Monitoring Board (NCDMB).
He explained that his most pressing challenge on assuming office as Group Managing Director of the Nigerian National Petroleum Company (NNPC) in 2015 was the crippling fuel queues that paralyzed economic activity nationwide.
Despite long nights spent seeking solutions, he said much of the subsidised petrol imported into the country was being smuggled across Nigeria’s porous borders, making scarcity persistent.
“The greatest challenge I had when I resumed as GMD was the issue of long queues at petrol stations,” he recalled. “I discovered that most of the products we were bringing in at subsidised rates were finding their way across the borders. No matter how much I worked with Customs or other agencies, it continued. My office simply didn’t have the political or security machinery to secure the borders.”
Kachikwu said he repeatedly sought Buhari’s approval to adjust pump prices but the president, wary of public backlash, resisted. Eventually, Buhari gave him the go-ahead—on one condition.
“I went to the President many times and said, ‘We need to move up the price.’ He resisted because of his populist outlook. Eventually, he told me, ‘I’ll let you take the risk. If it works, fine. If it doesn’t, I’ll fire you.’ And I took the risk,” Kachikwu revealed.
The former minister went on to introduce a “price modulation” policy, allowing petrol prices to reflect global market trends.
According to him, the adjustment eliminated subsidies and cleared fuel queues within 48 hours.
“That singular price adjustment removed the subsidy. Within 48 hours, the queues vanished across the country. It stayed that way until I left office. That policy not only stabilized supply but also boosted government revenue,” he said.
Kachikwu further disclosed that he refused to honour billions of naira in outstanding subsidy claims he inherited, describing most of them as unverifiable.
“We didn’t pay the arrears of subsidy because I could not vouch for the transparency of the claims,” he said. “It was better not to touch those issues.”
Reflecting on current developments, Kachikwu said President Bola Tinubu’s decision to remove subsidy was inevitable.
However, he stressed that the move ought to have been backed by robust plans for refineries, infrastructure, transport systems, and oil-producing communities to cushion its impact.
