Fuel subsidy: For three years, Nigerians have been told to endure – Atiku

Former Vice President Atiku Abubakar has criticized the current administration for showing double standards when it comes to government intervention in the Nigerian economy. He argues that support for domestic fuel production should not be treated any differently than tax waivers and incentives given to businesses. Atiku outlined his plan for a proposed production subsidy aimed at reducing the cost of locally refined petrol and providing relief to consumers while keeping Nigerian refineries profitable.

He pointed out the inconsistency in the government's approach, questioning how intervention is acceptable for powerful interests but suddenly becomes dangerous when aimed at reducing fuel costs for ordinary Nigerians. Atiku emphasized that the removal of petrol subsidy has contributed to increased living costs and pressured households, transport operators, and businesses for three years.

He proposed that the subsidy would differ from previous systems by tying government support to crude processed by Nigerian refineries. Atiku clarified that the subsidy would not benefit foreign refineries, fuel importers, or middlemen, focusing exclusively on Nigerian production. He addressed concerns from Dangote Refinery, asserting that the proposal would not require refineries to sell below cost and that any additional consumer relief beyond savings from cheaper crude would be explicitly funded by the government.

Atiku outlined safeguards such as a fiscal ceiling, maximum support per barrel, independent verification, electronic monitoring, transparent pricing, and penalties for fraud or diversion. He accused the Tinubu administration of presenting economic hardship as evidence of successful reforms and challenged the Presidency to debate the proposal on its merits, emphasizing that Nigeria could protect refinery investments while making petrol more affordable.