Atiku’s N600 petrol proposal not a return to subsidy – ADC tells Presidency
The African Democratic Congress (ADC) has rejected claims by the Presidency that former Vice President Atiku Abubakar’s proposal to reduce petrol prices to about N600 per litre amounts to a return to Nigeria’s old fuel subsidy regime. The party said Atiku’s proposal was instead a controlled production incentive for domestic refineries, designed to lower the […] Atiku’s N600 petrol proposal not a…
The African Democratic Congress (ADC) has dismissed claims by the Presidency that former Vice President Atiku Abubakar's proposal to lower petrol prices to around N600 per litre is equivalent to Nigeria's former fuel subsidy system. According to the ADC, Atiku's plan is a controlled production incentive aimed at reducing petrol costs and boosting domestic refining capacity.
ADC's National Publicity Secretary, Bolaji Abdullahi, criticized the Presidency's argument, pointing out that it was based on a projected cost of N19.1 trillion without considering the structure of Atiku's proposal or its potential economic benefits. Abdullahi questioned the reasoning behind providing offshore oil production incentives of up to $11.50 per barrel but dismissing a similar incentive for domestic refineries.
He also highlighted the adverse effects of high petrol prices on various aspects of the economy, emphasizing that Atiku's plan would cap and monitor fuel production, ultimately reducing petroleum imports and supporting local refining.
Written by urgent.news from Daily Post Nigeria's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
