As the debate over the 2027 presidential election intensifies, Presidential hopeful under the African Democratic Congress, ADC, Atiku Abubakar has double down on his plan to restore fuel subsidy if he’s elected Nigerian President in 2027.
The ADC presidential candidate recently face a push back from his political opponents and not a few Nigerians,after he promised to restore the fuel subsidy regime, where the government subsidizes petrol and diesel used domestically.
The ADC presidential candidate is the only one among the candidates contesting the highest office in the country next year, to have have made the promise.
Abubakar had argued that the removal of subsidy by the incumbent President Bola Ahmed Tinubu had brought utold hardship to Nigerians, promissing to reverse the policy if he’s elected next year.
His remarkon the issue has drawn sharp reaction fromhis political opponents,particularly the ruling All Progressives Congress, APC, which has warned that it will be an economic catastrophe tobring back fuel subsidy, descrbing the Abubakar’s promise as a greek gift.
But in a statement issued on Friday by Abubakar’s media spokesperson, Phrank Shaiu on Friday, the former Nigerian vice president explained that he will only subsidize crude oil supply to local refineries,rather than subsidizing importation, as was the case in the past.
This, he said, will makefuel cheaper and leave a good arguing for local producers, dismissing fears among local refiners, such as Dangote Refinery which has push back against the plan, with the argument that local refiners could be forced tos ell as a loss.
“The difference is simple. Import subsidy spends public money supporting petrol refined abroad and brought into Nigeria. Production subsidy supports crude refined here in Nigeria so that Nigerian refineries can produce fuel more cheaply and Nigerians can pay less,” he said.
He explained that his plan is to sell crude oilfeedstock to local refineries,which will in turn sell at a marging with no loss to the or Nigerians beeing forced to pay more for petrol or diesel,saying the target is toensuer that Nigerians directly benefit from the subsidy being paid by the government,adding that the plan will also ensure accountability as there willnot be ”mystery barrel or endless claims” by dubious petroleum marketers.
According to him, his plan will ensure a good deal for Nigerians, businesses and local refineries.
He said, “We are restoring subsidy through a production subsidy model, not an import subsidy model. The subsidy follows the barrel refined in Nigeria.
“If the crude entering a refinery becomes cheaper, the cost of producing petrol should also come down. That reduction should then reach the average Nigerian while preserving legitimate refining costs and a reasonable commercial margin.
“If government wants to provide additional relief beyond what lower crude-input costs can deliver, then government must pay for that relief openly. It must be budgeted, capped and audited.”
“We will know how many barrels receive support, which refinery receives them, what is produced, what it costs the taxpayer and what benefit Nigerians receive. No mystery barrels. No endless claims.
“Under our plan, Nigerian refineries will benefit. Nigerian workers will benefit. Nigerian businesses will benefit. Nigerian consumers will benefit. If you do not refine in Nigeria, you do not qualify,” he said.
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