The African Democratic Congress, ADC, presidential running mate, Rotimi Amaechi, has assured Nigerians that the party’s presidential candidate, Atiku Abubakar’s proposed restoration of fuel subsidy will not enrich a few wealthy Nigerians if elected president.
Amaechi disclosed that Atiku would restore a production-based subsidy if elected president in 2027.
Speaking at a town hall meeting in Edo State on Thursday, Amaechi said the fuel subsidy would target owners of refineries and modular refineries in Nigeria.
According to Amaechi, “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.
“Atiku will bring back production subsidy. If you don’t have a refinery in Nigeria, you will not get subsidy. We don’t have to pay for it; the government will not pay for the subsidy.”
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The former Minister of Transportation disclosed that the price at which the Nigerian government sells crude oil on the international market would differ from the price charged in the domestic market if Atiku were elected president.
He added, “All the government will do is to make a policy. The price at which I sell crude on the international market will be different from the Nigerian market. We will do domestic pricing. What is domestic pricing?
“If I sell crude at N15,000 on the international market, in Nigeria, I will sell to Dangote at N10,000. The difference will be N5,000.
“I will then sit with Dangote and tell him to give me a subsidy of N5,000.
“Once that happens, the price of fuel will come down, and the prices of every other thing will come down.”
