Former Rivers State governor and African Democratic Congress (ADC) vice-presidential candidate Chibuike Amaechi has clarified that Atiku Abubakar’s proposed petrol subsidy policy would not return Nigeria to the former import-based subsidy system.
Amaechi made the clarification on Monday while speaking at the Nigerian Bar Association (NBA) conference, saying the proposal is designed to reduce fuel costs, support domestic refining and improve Nigerians’ purchasing power.
According to him, an Atiku-led government would focus its intervention on locally produced petroleum products, rather than subsidising imported petrol.
He said the policy would involve making crude oil available to domestic refiners at cheaper rates, allowing them to produce fuel at lower costs for consumers.
“We will only subsidise local production.”
Amaechi Explains Proposed Policy
Amaechi said cheaper crude for local refineries would help reduce the cost of producing petrol and make the finished product more affordable to Nigerians.
He argued that high fuel prices have contributed to increased transportation and electricity costs, adding that lower energy costs would help ease pressure across the economy.
The former minister of transportation said the proposed intervention would also encourage local production, create jobs and strengthen Nigeria’s refining industry.
Amaechi stressed that the plan would be limited to domestic production and would not recreate the previous system in which government funds were used to subsidise imported petrol.
Atiku Clarifies His Position
The comments came after confusion over Atiku’s position following remarks by one of his media aides, Paul Ibe, who had suggested that an Atiku administration would initially restore petrol subsidy before gradually phasing it out.
Atiku subsequently rejected that explanation, saying Ibe was not speaking on his authority.
The ADC presidential candidate later reiterated that he would restore a targeted subsidy if elected in 2027, but insisted that his proposal was aimed at providing relief to Nigerians rather than returning to the old import-based system.
Atiku said the proposed policy would focus on restoring purchasing power and reducing the burden of rising fuel, transportation and food costs.
Source: Nigerian Bar Association Conference / Chibuike Amaechi.
