KEY TAKEAWAYS
- Former Vice-President and ADC presidential candidate, Atiku Abubakar, said he wants to restore fuel subsidy to cut production costs for locally refined petrol.
- Atiku explained on his account on Saturday that he backs a production subsidy for domestic refineries, not an import subsidy for foreign petrol.
- He said cheaper locally refined fuel would lower transport fares and business energy costs, reduce food prices, and leave families and small traders with more money.
Former Vice-President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, said his proposal to restore fuel subsidy is not meant to support imported petrol but to reduce production costs for locally refined fuel.
CityNews reports that Atiku made the clarification in a series of posts on his account on Saturday while responding to a comment from a follower identified as Francis.
The former vice-president said his proposed policy would support domestic refineries, increase local production, and ultimately reduce what Nigerians pay for petrol.
Explaining the difference between the subsidy he is proposing and the former system of subsidising imported fuel, Atiku likened his approach to supporting local manufacturers.
“I am not restoring subsidy so that Nigeria can keep paying for imported petrol. I am restoring subsidy so that Nigerians can produce more at home, pay less for fuel, and keep more money in their pockets,” he stated.
He added, “That is the difference between import subsidy and production subsidy.”
Atiku illustrated his argument with the example of local shoemakers.
He said, “Think about shoes. If government wants Nigerians to buy shoes more cheaply, it can spend public money making imported shoes cheaper, or it can support shoemakers in Aba to reduce their production costs so they can make more shoes here, employ more Nigerians and sell at more affordable prices.
“I choose the Aba shoemaker.”
According to Atiku, he would apply the same principle to the petroleum sector under his proposed administration.
“I will do the same with fuel. We will support crude refined in Nigeria so our refineries can produce at a lower cost and you can pay less,” he said.
He argued that cheaper fuel would have an impact beyond the price motorists pay at filling stations, particularly by reducing transportation and operating costs for businesses.
The former vice-president said his broader objective was to make everyday life more affordable for Nigerians.
“But for me, this is bigger than fuel,” he said.
Atiku said he wanted lower transport fares and reduced costs for moving agricultural produce from farms to markets.
“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 stated.
He also said his policy would leave households with more disposable income.
“I want a mother to return from the market with more food in her bag.
“I want a father to pay transport and still have something left in his pocket.
“I want a small business owner to close for the day with profit, not just enough money to buy fuel for tomorrow,” Atiku said.
Atiku said affordability should be measured by how government policies affect household finances and the daily lives of ordinary Nigerians.
“That is what affordability means to me.
“Less money spent on fuel. Less money spent on transport. Less pressure on food prices. More money left for your family. My promise is personal: I want you to feel relief in your pocket, in your home and in your daily life.
“I will make life affordable again. I will make Nigeria affordable again. it is a promise,” he stated.
