Former Vice-President Atiku Abubakar has explained that his proposal to restore fuel subsidy is intended to support local refining and reduce the cost of petrol, rather than subsidise imported fuel.
Atiku made the clarification in a series of posts on his X account on Saturday, describing his proposed policy as a “production subsidy” instead of an import subsidy.
He explained that the government would support crude oil refined locally so that domestic refineries could produce petrol at lower costs and pass the savings on to consumers.
Using shoemaking as an example, Atiku said the government could either spend public funds to make imported shoes cheaper or support local shoemakers in Aba to reduce their production costs, create jobs and sell their products at more affordable prices.
“I choose the Aba shoemaker,” he said.
According to Atiku, the same principle would apply to fuel, with government support directed towards domestic refining to reduce production costs and make petrol more affordable.
He said the proposed policy was not solely focused on lowering petrol prices but was also aimed at addressing the wider cost-of-living crisis by reducing transportation, food distribution and energy expenses for households and businesses.
“I want the bus fare you pay every morning to come down. I want the cost of taking food from the farm to the market to come down. I want the trader to spend less. I want the barber, tailor, welder and small business owner to spend less on energy,” he said.
Atiku added that his goal was to increase the amount of money available to Nigerians by reducing what they spend on fuel and transportation while easing pressure on food prices.
“I will make life affordable again. I will make Nigeria affordable again. It is a promise,” Atiku said.
In another post responding to a prayer from a follower, Atiku encouraged Nigerians to explain his proposed production subsidy, particularly its potential benefits for women and families.
He said cheaper fuel would help reduce transportation costs, make it easier for women to operate small businesses and potentially lower the prices of food and other household essentials.
“That is what my production subsidy is about: support what we refine here, create jobs here, reduce the cost of fuel here, and make everyday life more affordable for Nigerian families,” he said.
Source: X
