Why Atiku’s subsidy plan is flawed – Tinubu’s aide
Tinubu’s aide criticises Atiku’s proposal to subsidise crude oil for local refineries, warning of fiscal holes and market distortions. Read More: https://punchng.com/why-atikus-subsidy-plan-is-flawed-tinubus-aide/
Sunday Dare, President Bola Tinubu's Special Adviser on Media and Public Communication, has criticized presidential candidate of the African Democratic Congress, Atiku Abubakar's proposal to subsidize crude oil for local refineries. Dare argued that such a subsidy would create fiscal and market distortions, reducing government revenue and leading to an immediate fiscal hole in the Federation Account.
Atiku's plan involves selling federation crude to local refiners at preferential prices, which Dare warned could create artificial monopolies, destabilize smaller indigenous modular refiners, and violate deregulatory provisions of the Petroleum Industry Act. Dare also warned that such a regime could reinstate fuel smuggling between Nigeria and neighboring West African markets.
Atiku has reiterated his support for the proposal, stating that Nigeria is rich enough to care for its citizens' welfare.
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- Why Atiku’s subsidy plan is flawed – Tinubu’s aide punchng.com
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