Atiku Insists Production Subsidy Will Protect Refineries, Cut Fuel Costs
Chuks Okocha in Abuja Former Vice President Atiku Abubakar yesterday accused the Tinubu Presidency of deliberately distorting concerns raised by Dangote Refinery in what it termed a desperate attempt to
Former Vice President Atiku Abubakar has insisted that his production subsidy proposal for Nigerian refineries will protect refineries and reduce fuel costs. In a statement, Atiku criticized the Tinubu Presidency for distorting concerns raised by Dangote Refinery, accusing them of deliberately misleading Nigerians. Atiku argued that the government's proposal would be different, as it would restore subsidy through a production subsidy model, rather than an import subsidy model.
He explained that the subsidy would benefit Nigerian refineries, workers, businesses, and consumers by reducing the cost of crude feedstock supplied to refineries and lowering fuel prices for Nigerians. Atiku emphasized that the plan would operate with strict safeguards, including a fiscal ceiling, maximum support level per barrel, independent verification of supported crude, electronic tracking of crude intake and refined output, and severe penalties for fraud.
He stressed that the subsidy would be tied strictly to crude refined in Nigeria and that it would not support foreign refineries, importers, or middlemen.
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