The Presidency has rejected former Vice President Atiku Abubakar’s proposal for a production-based petrol subsidy. Sunday Dare, Special Adviser to the President on Media, says Nigeria’s available equity crude is insufficient to support Atiku’s proposed model.
The Presidency defends removal of subsidy, noting that federation revenues have grown sharply since 2023. Atiku had proposed a targeted subsidy to ease transport costs, but government argues crude shortfall makes it unworkable, citing that Nigeria lacks capacity to supply Dangote Refinery 700,000bpd as required.
The debate comes as Tinubu celebrates a reported 67% drop in transport fares due to CNG buses and fuel price modulation efforts. Labour unions however insist fares remain high in states despite October 1 reduction targets.
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