Former Vice-President Atiku Abubakar has explained that his plan to restore fuel subsidy is aimed at supporting local refining and reducing the cost of petrol, rather than subsidising imported fuel.
Atiku made the clarification in a series of posts on his X platform on Saturday, saying his proposed policy would amount to a “production subsidy” rather than an import subsidy.
He explained that the government would support crude oil refined in Nigeria to enable domestic refineries to produce petrol at lower costs and pass the savings to consumers.
Using shoemaking as an analogy, Atiku said 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 at more affordable prices.
“I choose the Aba shoemaker,” he said.
According to him, the same approach would be applied to fuel, with government supporting domestic refining to lower production costs and make petrol more affordable.
Atiku said the policy was not only about reducing fuel prices but also about easing the wider cost-of-living crisis by lowering transportation, food distribution and energy costs 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.
He added that his objective was to put more money in the pockets of Nigerians by reducing expenditure on fuel and transportation and 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 urged Nigerians to help explain his proposed production subsidy, particularly its potential impact on women and families.
He said lower fuel costs would reduce transportation expenses, make it easier for women to run small businesses and potentially reduce the cost of food and other household necessities.
“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.
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