Presidency Critiques Atiku's Petrol Subsidy Proposal

The Presidency has condemned former Vice President Atiku Abubakar's proposal to restore petrol subsidies, calling it a "retrogressive" policy motivated by political desperation. In a statement issued on Thursday, Bayo Onanuga, Special Adviser to the President on Information and Strategy, accused Atiku of reversing his previous stance on subsidy removal, which he had supported before the 2023 presidential election.

Onanuga argued that reinstating the subsidy would be fiscally unsustainable and incompatible with the reforms implemented in Nigeria's petroleum sector since 2023, particularly the Petroleum Industry Act (PIA) that ended the subsidy regime by June 2023. He emphasized that the previous subsidy system created a significant financial burden on the government.

Onanuga also noted that the emergence of domestic refining capacity, such as the Dangote Refinery, has reduced Nigeria's reliance on imported petroleum products. He warned that restoring the subsidy could hinder local refinery growth, lead to job losses, and exert pressure on Nigeria's foreign exchange.