Presidency Rebuts Atiku's Subsidy Proposal as Dangerous

The Presidency has condemned Atiku Abubakar, the presidential candidate of the African Democratic Congress, for his criticism of the Federal Government's petrol pricing intervention. Special Adviser to the President on Media and Public Communications, Sunday Dare, stated that Atiku's proposed "production subsidy" could lead to Nigeria's bankruptcy and a return to the fiscal issues of the previous subsidy regime.

Atiku described the government's 30-day petrol price discount as a "panic-driven gimmick" and accused President Bola Tinubu of omitting key components of his economic proposals. Dare countered that Atiku's criticism was politically motivated and failed to consider Nigeria's crude oil production realities.

He noted that Nigeria produces about 1.8 million barrels of crude oil daily, but contractual obligations limit the volume available to the government to fewer than 700,000 barrels per day. Dare argued that this volume is inadequate to support a production subsidy while meeting government commitments and supplying domestic refineries.