Presidency Rejects Atiku's Petrol Subsidy Proposal

The Presidency dismissed former Vice President Atiku Abubakar's proposed production subsidy on petrol as unrealistic, describing it as “a dangerous mathematical fantasy wrapped in political deceit.” Special Adviser to the President on Media and Public Communications, Sunday Dare, stated that Nigeria does not possess the crude oil volumes required to fund such a subsidy. Atiku, the African Democratic Congress presidential candidate, had criticized a 30-day discount on petrol by NNPC Retail, calling it a “panic-driven gimmick.” Dare referenced Minister of Finance Taiwo Oyedele's statement that Nigeria produces about 1.8 million barrels of crude per day, but noted that the Federal Government does not own all of that oil.

He explained that joint ventures and production sharing contracts significantly reduce the equity crude available to the state, leaving fewer than 700,000 barrels per day of unencumbered free crude. The Presidency also rejected comparisons of crude allocation to farm produce and emphasized that NNPC's discount was not a return to subsidy.