2027: Atiku Won’t Restore Fuel Subsidy to Enrich the Wealthy – Amaechi

The African Democratic Congress (ADC) vice-presidential candidate, Rotimi Amaechi, has explained how the party’s presidential candidate, Atiku Abubakar, plans to restore fuel subsidy if elected president, insisting that the proposed policy would not be designed to enrich a few wealthy Nigerians.

Amaechi made the remarks during a town hall meeting in Edo State on Thursday, where he outlined the party’s proposed approach to reducing fuel prices through domestic refining and production subsidies.

According to the former Minister of Transportation, Atiku’s proposed subsidy plan would focus on owners of refineries and modular refineries operating in Nigeria rather than individuals who import fuel and benefit from government support.

Amaechi stressed that the policy would be different from the previous subsidy arrangement, which he argued allowed some wealthy individuals to benefit disproportionately.

“We are not bringing back subsidy to produce rich men,” he said, adding that under the proposed arrangement, companies without refineries in Nigeria would not qualify for the subsidy.

He explained that the government would introduce a domestic pricing policy that would allow crude oil to be sold to Nigerian refineries at a lower price than the international market price.

Using Dangote Refinery as an example, Amaechi said that if crude oil were sold internationally for ₦15,000, the government could sell it to the refinery at ₦10,000 locally. The ₦5,000 difference would represent the production subsidy under the proposed arrangement.

Amaechi said the refinery would then be expected to account for the subsidy through the agreed arrangement, with the policy intended to reduce the cost of producing fuel locally.

He maintained that lowering domestic production costs would help bring down petrol prices and, consequently, reduce the cost of transportation, goods and other essential services.

The ADC vice-presidential candidate also emphasised that the government would establish the necessary policies to implement the arrangement, rather than simply paying subsidies without clear conditions.

His comments come amid ongoing discussions about fuel prices, domestic refining and the economic impact of subsidy policies in Nigeria.

However, the proposal remains a campaign pledge, and its actual impact on petrol prices and the wider economy would depend on how the policy is implemented, including the pricing arrangements, eligibility requirements and the extent to which any savings are passed on to consumers.