October 1: What I’ll do with fuel production subsidy as president – Atiku
Atiku Abubakar, the 2027 presidential candidate for the African Democratic Congress (ADC), has unveiled a strategic plan aimed at enhancing economic affordability in Nigeria through targeted fuel subsidies.
In a press conference held Thursday to commemorate Nigeria’s 66th Independence Anniversary, Abubakar proposed the introduction of a production subsidy for fuel exclusively refined within Nigeria, which would be subject to a budget cap.
He emphasized the importance of transparency in this process, stating that all associated costs and payments should undergo independent audits. “Working with my running mate and our partners in the ADC, I will pursue a clear purpose: to make life affordable,” Abubakar said. “We will implement a capped, budgeted production subsidy based on verified fuel refined in Nigeria, including from modular refineries.”
Abubakar made it clear that imported petrol would not be included in this subsidy framework, and he stressed that the benefits should directly reach consumers through reduced pump prices. He reiterated the need for accountability by stating, “Costs and payments will be published and independently audited.”
As of the end of June, Nigeria’s public debt stood at ₦166.79 trillion. Abubakar called for the government to provide transparency regarding any additional borrowing, insisting that officials must specify the projects funded, their costs, and who benefits from them.
He also addressed recent promises made by President Bola Tinubu regarding lower transportation fares, urging him to disclose specific routes, previous fare prices, and the number of beneficiaries. “Today is October 1. Let him publish the routes, the old and new fares, and the number of people benefiting. Nigerians cannot board an announcement,” Abubakar stated.
