Lokpobiri Critiques Subsidy Support from Atiku and Obi
Minister Lokpobiri criticized the positions of opposition presidential candidates Atiku Abubakar of the African Democratic Congress and Peter Obi of the Nigeria Democratic Congress regarding their support for restoring petrol subsidies. He questioned the financial feasibility of such a move, emphasizing that the subsidy regime consumed resources that Nigeria could no longer afford.
Lokpobiri noted that when President Bola Tinubu took office, the government was projected to spend about N18.4 billion daily on petrol subsidies. He attributed the financial struggles of the former Nigerian National Petroleum Corporation (NNPC) to the subsidy regime, stating that NNPC never paid dividends or made profits.
Lokpobiri also discussed Nigeria's oil production potential, constrained by outdated evacuation infrastructure, and mentioned that NNPC is working on a pipeline replacement program to enhance capacity.
Plus234Feed summary based on reporting from This Day. Read the original report below.
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