Former Vice-President and ADC presidential candidate Atiku Abubakar has vowed to restore a targeted fuel subsidy if elected, insisting that opposition from President Bola Ahmed Tinubu or his supporters would not stop him.
Atiku, in a statement issued on Sunday by his Senior Special Assistant on Public Communication, Phrank Shaibu, accused the Tinubu administration of claiming to have ended fuel subsidy while still providing financial support to the petroleum sector through other mechanisms.
He cited the NNPC Limited’s audited accounts, which he said recorded about N4.84 trillion in energy-security expenses and related shortfalls in 2023, followed by approximately N7.13 trillion in 2024.
According to Atiku, NNPC explained that part of the expense resulted from differences between the exchange rate used to determine regulated petrol prices and the prevailing exchange rate when import obligations were settled.
He argued that changing the description from subsidy to “energy security” or “shortfall” did not alter the fact that public funds were being used to bridge a gap between the economic cost of petrol and its selling price.
“You cannot abolish subsidy at the podium and resurrect it in the accounts under an alias.”
Atiku also pointed to the Deep Offshore Oil and Gas Projects Incentives framework, which provides qualifying petroleum developments with production tax credits, arguing that government intervention is available when it benefits oil investors.
He accused the administration of applying a different standard to ordinary Nigerians struggling with rising living costs.
“The government can protect a multibillion-dollar oil investment from risk, yet it says protecting the Nigerian worker from crushing hardship is bad economics.”
Atiku Explains His Subsidy Proposal
Atiku said his proposed Atiku Economic Recovery Plan would not recreate the previous subsidy system, which he described as opaque and vulnerable to corruption.
Instead, he proposed a targeted, capped, transparently budgeted and independently audited intervention, with a clearly defined exit plan.
He said the policy would be accompanied by accelerated domestic refining, increased competition, improved mass transportation and measures aimed at restoring household purchasing power.
Atiku also demanded that the government disclose details of petroleum tax concessions already granted, including the beneficiaries and the revenue forgone.
He accused the administration of protecting corporations while leaving ordinary Nigerians to bear the consequences of rising costs.
“It cannot provide cushions for corporations and punishment for citizens and then call the resulting misery reform.”
Source: Phrank Shaibu / Atiku Abubakar.
