Atiku Abubakar Plans to Restore Fuel Subsidy for Local Refining

Atiku Abubakar, the former Vice-President of Nigeria, announced his intention to restore fuel subsidy if elected, emphasizing that his plan is to support local refining rather than subsidizing imported fuel. He clarified that this proposed policy would function as a “production subsidy,” aimed at reducing the production costs of petrol from crude oil refined in Nigeria.

Atiku stated that the government would assist domestic refineries, allowing them to operate at lower costs and pass these savings on to consumers. He used an analogy of shoemaking to illustrate his approach, preferring to support local producers over subsidizing imports.

Atiku highlighted that the ultimate goal of this subsidy is to alleviate the cost-of-living crisis by lowering transportation and energy costs, which would subsequently reduce prices for goods and services. He expressed a desire to put more money in the pockets of Nigerians by making essential services more affordable.