Presidency Critiques Atiku's Petrol Subsidy Proposal

The Presidency has condemned Atiku Abubakar's plan to restore petrol subsidies if elected in the 2027 general elections, referring to it as an "arithmetic flaw." Sunday Dare, the Special Adviser to President Bola Tinubu on Media and Public Communication, expressed concerns in a post on X. He argued that selling crude oil to local refineries at preferential prices would lead to fiscal, market, and smuggling challenges. Dare stated that Atiku's proposal to supply crude below market value would diminish revenue for federal, state, and local governments, impacting funding for essential services like schools and hospitals.

He warned that such pricing could distort competition in the downstream petroleum sector, potentially creating monopolies and undermining smaller refiners. Additionally, Dare cautioned that significant price differences between Nigerian petrol and that of neighboring countries could lead to a resurgence of fuel smuggling.