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Former Vice President Atiku Abubakar has proposed a production-based subsidy for refined petroleum products in Nigeria as part of measures to reduce fuel prices and ease economic pressure on citizens.
Atiku, presidential candidate of the African Democratic Congress (ADC), announced the proposal during a press conference in Abuja on Friday.
He said the policy would only apply to petroleum products refined locally and sold to Nigerian consumers, while imported petroleum products would not be eligible.
The subsidy would target domestic refining
According to Atiku, the proposed scheme would focus on supporting local refineries by reducing production costs rather than subsidizing imported fuel.
He said the program will operate within a defined financial limit approved by the National Assembly and will be subject to independent audits to ensure accountability.
Atiku said the approach would encourage local refineries, create job opportunities and reduce the pressure of rising costs of living.
“Government support must reduce prices”
Explaining his proposal, Atiku likened the idea to government support for local agro-processing companies.
He said reducing production costs for Nigerian businesses could allow consumers to enjoy lower prices, while encouraging growth throughout the supply chain.
“Government support must bring down prices. Only products confirmed as refined in Nigeria will be eligible. Imported products will not,” he said.
Request for immediate relief measures
Atiku urged President Bola Tinubu to consider measures to reduce the economic hardships Nigerians face.
It said the removal of petrol subsidies had contributed to rising transport costs, higher food prices, increased production expenses and increased financial pressure on families and businesses.
According to him, government policies should focus on reducing the cost of energy rather than relying mainly on temporary relief measures.
The focus should be on production, says Atiku
The former vice president argued that sustainable economic intervention should strengthen national productive capacity.
He said support for local refineries could help Nigeria reduce dependence on imported petroleum products, while improving economic activity.
Atiku encouraged the federal government to adopt policies that could reduce costs to citizens regardless of who made the proposals.
“If responsible intervention can lower prices, take action. If changing course can help Nigerian families, change course,” he said.
