Presidential aide criticizes Atiku's proposed crude oil subsidy plan
Sunday Dare, Special Adviser to President Bola Tinubu on Media and Public Communication, has criticized Atiku Abubakar's proposal to subsidize crude oil supplied to local refineries. Dare argued that selling federation crude to local refineries at preferential prices would reduce government revenue and create an immediate fiscal hole in the Federation Account, impacting allocations to federal, state, and local governments. He also stated that such a proposal could distort the domestic market, create artificial monopolies, destabilize smaller indigenous modular refiners, and violate the Petroleum Industry Act. Furthermore, Dare warned that a wide price gap between Nigerian pump prices and neighboring West African markets would likely lead to a return of cross-border fuel smuggling. Atiku Abubakar, presidential candidate of the African Democratic Congress, has reiterated his commitment to restoring fuel subsidy if elected president in 2027, despite an earlier statement from one of his media aides suggesting a gradual phasing out. Atiku clarified that his position on subsidy has not changed, emphasizing that Nigeria is wealthy enough to ensure the welfare of its citizens. His aide had previously explained that the proposed subsidy would involve selling crude to local refiners at a discounted price to enable them to produce and sell fuel and diesel at a cheaper cost, providing temporary relief and stimulating economic activity. The debate over fuel subsidy removal, which Presiden
