Atiku Abubakar Proposes Production Subsidy for Fuel

Former Vice President Atiku Abubakar, the presidential candidate of the African Democratic Congress, has outlined a framework for a production subsidy model for domestic fuel. He responded to Dangote Refinery's warning about government-imposed petrol prices that could lead refiners to operate at a loss, asserting that his proposal is designed to prevent such scenarios.

Atiku criticized the government for misrepresenting his plan, stating that it aims to support domestic refining rather than relying on imported petroleum products. His model would reduce crude feedstock costs for Nigerian refineries through a transparent mechanism, allowing them to produce petrol more affordably.

He clarified that his proposal would not compel any refinery, including Dangote Refinery, to sell below cost. Atiku emphasized the need for government interventions to be openly funded through the budget, capped, and audited, ensuring transparency in spending.

His proposed scheme includes independent verification and tracking of crude and refined products to eliminate discrepancies.