Amaechi Promises Production-Based Fuel Subsidy Under Atiku

At a town hall meeting in Edo State, Rotimi Amaechi, the presidential running mate for Atiku Abubakar of the African Democratic Congress, assured Nigerians that the proposed restoration of fuel subsidy by Atiku would not enrich a select few wealthy individuals. Amaechi explained that the subsidy would be production-based, specifically targeting owners of refineries and modular refineries in Nigeria.

He stated, “We are not bringing back subsidy to produce rich men,” and clarified that only those with refineries in Nigeria would qualify for the subsidy. He outlined a pricing strategy where the government would set different prices for crude oil on the international market compared to the domestic market.

For instance, if crude is sold at N15,000 internationally, it would be sold to Dangote at N10,000 domestically, with the government negotiating a subsidy of N5,000 to lower fuel prices. This approach aims to reduce fuel costs and subsequently lower prices of other goods.