Presidency tackles Atiku for saying he’ll restore fuel subsidy
And, now that Nigeria has substantially increased domestic petrol production, what precisely would the proposed subsidy be subsidising—the cost of local production, transportation and distribution, or some other component of the petroleum value chain?
The better question is how Nigeria can use its emerging domestic refining capacity, improved petroleum-sector regulation, and increased competition to achieve more stable and affordable energy prices without returning to an opaque and fiscally burdensome subsidy regime.
Against expectations that he would announce a more creative and ingenious alternative to the programme being executed by the Tinubu administration, Atiku Abubakar behaved like a man from an archaic past who least comprehends the present economic dynamics and suggested that he would restore the much-abused, wasteful, pillaged, corruption-ridden fuel subsidy regime, which the Petroleum Industry Act made illegal from the end of June, 2023.
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