Why I Want To Restore Fuel Subsidy’ – Atiku Explains His Position

Former Vice-President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has explained his proposal to restore fuel subsidy, saying the policy would focus on reducing production costs for locally refined petrol rather than subsidising imported fuel.

According to Ireporter Online, Atiku made the clarification in a series of posts on his account on Saturday while responding to a comment from a follower identified as Francis.

The former vice-president said his proposed policy would support domestic refineries, boost local production and ultimately reduce the amount Nigerians pay for petrol.

Atiku stressed that his proposal differs from the previous system of subsidising imported petroleum products, describing his approach as a production subsidy designed to strengthen local manufacturers.

“I am not restoring subsidy so that Nigeria can keep paying for imported petrol. I am restoring subsidy so that Nigerians can produce more at home, pay less for fuel, and keep more money in their pockets,” he said.

“That is the difference between import subsidy and production subsidy,” Atiku added.

Using the example of shoemakers in Aba, Abia State, the ADC presidential candidate said government could either spend money making imported shoes cheaper or support local manufacturers to reduce their production costs and increase domestic production.

“Think about shoes. If government wants Nigerians to buy shoes more cheaply, it can spend public money making imported shoes cheaper, or it can support shoemakers in Aba to reduce their production costs so they can make more shoes here, employ more Nigerians and sell at more affordable prices.

“I choose the Aba shoemaker,” he said.

Atiku said the same principle would guide his proposed approach to the petroleum sector, explaining that government would support crude oil refined domestically to enable local refineries to produce fuel at a lower cost.

“I will do the same with fuel. We will support crude refined in Nigeria so our refineries can produce at a lower cost and you can pay less,” he stated.

He argued that reducing the cost of petrol would have wider economic benefits beyond what motorists pay at filling stations, particularly by lowering transportation and business operating expenses.

“But for me, this is bigger than fuel,” Atiku said.

He explained that his objective was to reduce transportation costs, make it cheaper to move agricultural produce from farms to markets and lower energy expenses for small 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.

Atiku also said his proposed policy was aimed at giving households greater disposable income by easing some of the financial pressure associated with fuel, transportation and food.

“I want a mother to return from the market with more food in her bag.

“I want a father to pay transport and still have something left in his pocket.

“I want a small business owner to close for the day with profit, not just enough money to buy fuel for tomorrow,” he added.

The former vice-president said the success of government policies should ultimately be measured by their impact on the finances and daily lives of ordinary Nigerians.

“That is what affordability means to me.

“Less money spent on fuel. Less money spent on transport. Less pressure on food prices. More money left for your family. My promise is personal: I want you to feel relief in your pocket, in your home and in your daily life.

“I will make life affordable again. I will make Nigeria affordable again. It is a promise,” Atiku stated.