The African Democratic Congress (ADC) has defended its presidential candidate Atiku Abubakar’s proposal to reduce petrol prices to about ₦600 per litre, rejecting the Presidency’s criticism of the plan.
In a statement by its National Publicity Secretary, Bolaji Abdullahi, the party argued that the debate should not focus solely on the government’s projected ₦19.1 trillion cost, but also on the economic burden Nigerians are already facing due to high fuel prices.
The ADC said Atiku’s proposal is not a return to the old petrol subsidy system, but a controlled production incentive for Nigerian refineries, with a fiscal limit and mechanisms to track crude from refinery intake to finished products.
“What the Presidency is attacking therefore is the old subsidy regime that Atiku is seeking to replace, not Atiku’s plan.”
The party also questioned the government’s own petroleum-related spending, citing figures from NNPC’s audited 2024 accounts and other petroleum-related exposures, while clarifying that such figures should not automatically be classified as petrol subsidy.
ADC further pointed to offshore oil production incentives of up to $11.50 per barrel, questioning why incentives for oil investors should be acceptable while support aimed at making petrol more affordable for Nigerians is rejected.
“Why is a carefully controlled crude-input incentive for domestic refineries dismissed as economic madness when its objective is to make fuel cheaper for Nigerians and build domestic refining capacity?”
The party argued that the Presidency’s ₦19.1 trillion calculation also failed to account for potential savings from reduced petroleum imports, lower production costs and possible refined-product exports resulting from stronger domestic refining.
ADC maintained that keeping fuel prices high also carries a significant economic cost because expensive petrol increases transportation, food, manufacturing and other living expenses.
“Doing nothing is not free. It is ultimately more expensive.”
The party therefore challenged the Federal Government to explain where Nigeria’s money is currently being spent and what public value Nigerians are receiving from those expenditures.
ADC said the real issue was not whether government should intervene in the petroleum sector, but what should be subsidised, why it should be subsidised and who should benefit.
The party maintained that its proposal is a capped, audited and traceable production-support system designed to lower fuel prices while strengthening Nigeria’s domestic refining capacity.
Source: African Democratic Congress (ADC), statement by National Publicity Secretary Bolaji Abdullahi.
