…Says it is archaic, will lead to job losses, archaic, cut down income of states
The Presidency on Thursday, described former Vice President Atiku Abubakar’s economic blue print, ahead of the 2027 general election as ” archaic”, adding that any plan to reintroduce fuel subsidy will lead to job losses and cripple the economy
Bayo Onanuga, Special Adviser to the President on Information and Strategy, in his response to the former Vice President’s economic plan, stated that such plan “would require a clear legal, fiscal and administrative framework, including identifying the source of the funds and determining how such a policy would be implemented under the present petroleum-market structure.
The presidency noted that Nigeria’s petroleum landscape has changed significantly since May 2023, adding ” for many years, the country relied heavily on imported petrol, with the government bearing the consequences of the gap between the regulated pump price and the cost of supplying the product”
Former Vice President of Nigeria and Presidential Candidate of the African Democratic Congress (ADC), Atiku Abubakar, had on Thursday, unveiled details of his proposed petroleum subsidy reform, declaring that “his administration would replace Nigeria’s old import-subsidy architecture with a targeted, capped, transparently budgeted and independently audited production subsidy designed to lower energy costs while accelerating domestic refining.
