Petrol subsidy: APC campaign council warns of smuggling, revenue losses

The All Progressives Congress Presidential Campaign Council has warned of potential smuggling and revenue losses following Atiku Abubakar's proposal for a production subsidy on locally refined petrol. The APC-PCC, in a statement, highlighted the need for Atiku to provide details on the legal framework, cost, and funding mechanism for the proposed subsidy.

They cited Section 205(1) of the Petroleum Industry Act 2021, which advocates for unrestricted free-market conditions to determine petroleum product prices. The council also referred to the Nigerian Midstream and Downstream Petroleum Regulatory Authority's statement, emphasizing that the authority does not fix pump prices unless statutory conditions for intervention are met.

Brief written by urgent.news from Punch Nigeria's own syndicated text. Machine-written — may contain errors; check the original before relying on it.