Experts Back Atiku's Petrol Subsidy Review Proposal

Energy experts and economists have endorsed former Vice President Atiku Abubakar's proposal for a review of Nigeria's petrol subsidy policy, urging President Bola Tinubu to implement targeted measures to alleviate the economic hardship following the subsidy removal. They cautioned against a blanket return to the previous subsidy regime, emphasizing the need for transparency and accountability.

Atiku, the presidential candidate of the African Democratic Congress, suggested reinstating the petrol subsidy if elected in 2027, arguing that Nigerians have not benefitted from the savings post-removal. He proposed that qualifying refineries receive domestic crude at preferential prices, contingent on strict production and transparency conditions.

Atiku acknowledged the opportunity cost of supplying crude below market value and insisted on an independently verified supply of petroleum products. The proposal has sparked debate, with the Federal Government and the All Progressives Congress opposing it, warning that restoring the subsidy could lead to corruption and fiscal pressures similar to those that necessitated its removal in May 2023.