Atiku Proposes Subsidy For Local Refiners To Reduce Fuel Prices

Former vice president and presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar, has proposed a transparent production subsidy for petroleum products refined in Nigeria to reduce pump prices.

Addressing a news conference on Friday in Abuja, Atiku said the subsidy, if implemented, would apply exclusively to petroleum products refined locally and sold to Nigerians, excluding imported petroleum products.

He said the subsidy would be operated within a fixed spending limit, subject to National Assembly approval and independent audits to ensure transparency and accountability.

According to him, the intervention would reduce fuel price, stimulate domestic refining, create jobs and improve Nigerians’ purchasing power amid the rising cost of living.

“If elected, from May 29, 2027, I will introduce a transparent production subsidy for petroleum products refined in Nigeria and sold to Nigerians.

“Think of a Nigerian rice miller. Government helps lower the cost of milling so the rice can sell for less. More families can afford it.

“As sales grow, the miller buys more rice from Nigerian farmers and employs more Nigerians to process, package and transport it.

“That means cheaper rice for families, more business for farmers and more jobs for Nigerians. Our production subsidy will work the same way.

“Government support must bring prices down. Only products confirmed to be refined in Nigeria will qualify. Imported products will not,” he said.

Atiku urged the President Bola Tinubu to adopt measures that would provide immediate relief to Nigerians to ease the hardship.

He said the removal of petrol subsidy had increased the costs of transportation, food, production and logistics, placing additional pressure on households, workers, farmers and businesses.

The former vice-president said government intervention should focus on reducing the underlying cost of energy rather than relying solely on palliatives to cushion hardship.

He maintained that Nigerians needed practical economic measures capable of lowering costs and improving household welfare, rather than temporary relief that failed to address underlying pressures.

Atiku urged the president to adopt the proposed framework regardless of its origin, saying that priority should be placed on reducing the burden on Nigerians.

“If responsible intervention can lower prices, intervene, if changing course can help Nigerian families, change course,” Atiku said. (NAN)