ADC Presidential candidate Atiku Abubakar has defended his proposal to reintroduce fuel subsidy, insisting that his plan is fundamentally different from the subsidy system that encouraged dependence on imported petrol.
In a statement posted on his official X account, Atiku said his proposed production subsidy would support locally refined crude, reduce the cost of fuel production and ultimately make petrol and other essential goods more affordable for Nigerians.
Atiku explained the difference using the example of footwear production.
“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 added that rather than spending public funds to make imported products cheaper, government should support local producers to reduce their production costs.
“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.”
Atiku was responding to one X user Francis with the handle, @FrancisAdeboye who commented on his subsidy plan, “Took time to read and digest Atiku’s subsidy plan.” He then went on to say, “restore subsidy, but only as a production subsidy, not an import subsidy i.e. Subsidise Nigerian production, not foreign importation.”
According to Atiku, the proposed policy would extend beyond reducing petrol prices, arguing that cheaper locally produced fuel would help lower transportation costs, food prices and the operating expenses of small businesses.
He said his objective was to ensure that Nigerians had more disposable income after meeting their daily expenses.
“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.”
Atiku said the ultimate measure of affordability should be the amount of money households and businesses are able to retain after paying for fuel, transport and other necessities.
“Less money spent on fuel. Less money spent on transport. Less pressure on food prices. More money left for your family.”
He concluded by promising that his proposed economic policies would be aimed at easing the financial pressure on households and businesses.
“I will make life affordable again. I will make Nigeria affordable again. It is a promise.”
I’ll replace fuel import subsidy with production subsidy – Atiku