APC Campaign Council Critiques Atiku's Petrol Subsidy Proposal

The All Progressives Congress Presidential Campaign Council (APC-PCC) has expressed strong opposition to former Vice-President Atiku Abubakar's proposal for a production subsidy on locally refined petrol. In a statement issued by APC-PCC spokesman and Minister of Solid Minerals Development, Dele Alake, the council warned that the proposal could revive fuel smuggling and exacerbate Nigeria's fiscal challenges.

At a press conference in Abuja, Atiku reiterated his call for a subsidy to lower pump prices and urged President Bola Tinubu to reduce retail prices of petrol and diesel. Alake challenged Atiku to clarify the legal framework, cost, and funding mechanisms for the subsidy, citing concerns about its impact on the deregulated downstream petroleum sector.

The APC-PCC referenced Section 205(1) of the Petroleum Industry Act 2021, which mandates free-market conditions for pricing petroleum products. They questioned whether subsidized refiners would be required to sell petrol at a set price and how this would align with existing regulations.

The council also raised concerns about the potential costs and financing of the subsidy.