2027 Election: Atiku’s Proposed Fuel Subsidy Won’t Enrich Wealthy Nigerians – Amaechi

The vice-presidential candidate of the African Democratic Congress, ADC, Rotimi Amaechi, has said the party’s presidential candidate, Atiku Abubakar, will introduce a production-based fuel subsidy if elected in 2027, insisting that the policy will not be designed to enrich a few wealthy Nigerians.

Amaechi made the disclosure on Thursday during a town hall meeting in Edo State, where he explained the party’s proposed approach to reducing fuel prices through support for domestic refining.

He said the proposed policy would differ from the former subsidy arrangement, which involved imported petroleum products, adding that the ADC intended to restrict the intervention to refineries operating in Nigeria.

“We are not bringing back subsidy to produce rich men. That subsidy where rich men will go to Ghana, come back and say we have bought fuel for you, no,” Amaechi said.

The former Rivers State governor explained that under the proposed arrangement, the government would sell crude oil to local refineries at a price below the international market rate.

He illustrated the plan with hypothetical figures, saying that if crude oil sold internationally for N15,000, the government could make it available to domestic refineries at N10,000, creating a price difference of N5,000.

According to him, the arrangement would support local refining and help bring down the cost of petrol and other goods and services.

Amaechi maintained that the government would not need to make direct subsidy payments to fuel importers under the proposed system. Instead, the policy would focus on encouraging domestic production.

He argued that supporting local refineries could stimulate industrial growth, create employment opportunities and reduce Nigeria’s dependence on imported petroleum products.

The ADC vice-presidential candidate also said the proposed policy would extend beyond the Dangote Refinery to include modular refineries operating in the country.

Amaechi has previously argued that the party’s production subsidy proposal could help ease the economic difficulties associated with high fuel and transportation costs.

However, the proposal has raised questions about its legal, financial and operational implications, including how the government would fund the price difference and ensure that the benefits reach consumers.

The ADC has continued to present the proposed production subsidy as part of its economic agenda ahead of the 2027 general elections, while criticising the current administration’s handling of fuel prices and the cost of living.