Former Vice-President Atiku Abubakar has clarified that his proposal to reinstate fuel subsidy is aimed at supporting domestic refining and reducing petrol prices, rather than subsidising imported fuel.
Atiku gave the clarification in a series of posts on his X account on Saturday, explaining that his proposed policy would operate as a “production subsidy” designed to support locally refined petroleum products.
According to him, the government would support crude oil refined in Nigeria to enable domestic refineries to reduce their production costs and pass the savings on to consumers.
Atiku illustrated his proposal with an analogy involving shoemaking, saying the government could either spend public funds to make imported shoes cheaper or support local shoemakers in Aba to reduce their production costs, create jobs and sell their products at more affordable prices.
“I choose the Aba shoemaker,” he said.
He said the same principle would apply to the petroleum sector, with government support directed towards domestic refining to lower production costs and make petrol more affordable for Nigerians.
Atiku explained that the proposal was not solely about reducing the price of petrol but also about addressing the wider cost-of-living crisis by lowering transportation, food distribution and energy costs for households and businesses.
“I want the bus fare you pay every morning to come down. I want the cost of taking food from the farm to the market to come down. I want the trader to spend less. I want the barber, tailor, welder and small business owner to spend less on energy,” he said.
He added that his objective was to increase Nigerians’ disposable income by reducing their expenditure on fuel and transportation while easing pressure on food prices.
“I will make life affordable again. I will make Nigeria affordable again. It is a promise,” Atiku said.
In another post responding to a prayer from a follower, the former vice-president urged Nigerians to help explain his proposed production subsidy, particularly its potential benefits for women and families.
He said lower fuel costs would reduce transportation expenses, make it easier for women to operate small businesses and potentially lower the cost of food and other household necessities.
“That is what my production subsidy is about: support what we refine here, create jobs here, reduce the cost of fuel here, and make everyday life more affordable for Nigerian families,” he said.
