Alake Challenges Atiku's Petrol Subsidy Proposal

Dr Dele Alake, the minister of solid minerals development and spokesperson for the APC Presidential Council, criticized Atiku Abubakar, the presidential candidate of the African Democratic Congress (ADC), regarding his proposal for locally refined petrol aimed at reducing pump prices. In a statement, Alake questioned the legal, fiscal, and practical aspects of Atiku's proposal, particularly referencing Section 205(1) of the Petroleum Industry Act 2021, which mandates free-market conditions for petroleum pricing.

Alake demanded that Atiku clarify whether a refinery receiving subsidies would be required to sell petrol at a set price and to disclose the proposal's cost and funding sources. He warned that without a clear mechanism, refiners might benefit while consumers would still face market prices.

Alake also noted that any discount on crude oil would reduce revenue for the federation, potentially exacerbating fiscal crises in states. He concluded that Atiku's plan remains an uncosted promise without a detailed policy framework.