Presidency Challenges Atiku on Fuel Subsidy Proposal

On Thursday, Bayo Onanuga, Special Adviser to the President on Information and Strategy, addressed former Vice President Atiku Abubakar's proposal to restore petrol subsidies if elected President. Onanuga stated that while Atiku is entitled to propose alternative economic policies, Nigerians deserve clarity on how the subsidy would be funded and its compatibility with existing legal frameworks.

He criticized Atiku's shift from advocating subsidy removal during the 2023 presidential election, labeling the proposal as fiscally unsustainable. Onanuga explained that the previous subsidy arrangement led to significant financial losses for the NNPC.

He dismissed Atiku's claim of a ₦30 trillion subsidy windfall and noted that the Petroleum Industry Act mandated subsidy removal by June 2023, which President Bola Ahmed Tinubu had accelerated. Onanuga warned that reinstating subsidies could harm local production and job creation, highlighting Nigeria's current status as an exporter of refined petroleum products.

He also pointed out that the previous subsidy regime relied on borrowing, which placed financial strain on the NNPC.