Atiku: My Proposed Subsidy Regime Will Reduce Production, Transport Costs, Strengthen Domestic Refining, Restore Purchasing Power
Chuks Okocha in Abuja Former Vice President and Presidential Candidate of the African Democratic Congress (ADC), Atiku Abubakar, has clarified that his proposed petroleum intervention is not a return to
Former Vice President and Presidential Candidate of the African Democratic Congress, Atiku Abubakar, has clarified his stance on a proposed petroleum intervention. In a statement from his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku addressed concerns that his plan would restore Nigeria's controversial import-subsidy regime.
Shaibu emphasized that Atiku's policy is focused on supporting domestic production to lower living costs, not a return to the import-subsidy system. He stressed that Atiku never proposed removing the import-subsidy regime later, and that any such suggestion is an unauthorized and misleading interpretation. Atiku's plan involves a capped, transparently budgeted, and independently audited subsidy to bolster domestic refining and production.
As domestic refining grows, supply stabilises, competition increases, and prices become affordable without government intervention. The subsidy would phase out when the market can sustainably provide affordability. Atiku's focus is on reducing production and transportation costs, strengthening domestic refining, and regaining purchasing power for Nigerians.
The choice is between an expensive Nigeria and an affordable one, not about removing or restoring subsidies.
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