Atiku Will Not Restore The Old Fuel Subsidy Regime — ADC Vice-Presidential Candidate, Chibuike Amaechi

Chibuike Amaechi, vice-presidential candidate of the African Democratic Congress (ADC), says Atiku Abubakar’s proposed petrol subsidy will focus on local production rather than revive the former import-based subsidy regime.

Speaking at the Nigerian Bar Association (NBA) conference, Amaechi said an Atiku administration would provide cheaper crude to local refiners so they can produce and sell petrol at lower prices.

He said the plan would put more money in Nigerians’ pockets by reducing fuel costs and restoring their purchasing power.

“What Vice-President Atiku is proposing is not to deviate from the removal of the subsidy. He’s saying that in the first four years that we take back this office, we will put money in the pockets of Nigerians to be able to buy this fuel,” Amaechi said.

“We will only subsidise local production,” he added, stressing that the policy would encourage local refining, create jobs and support the economy.

Amaechi also said high fuel prices were driving up electricity and transportation costs.

His comments came after Atiku clarified that he would restore a targeted subsidy to provide relief for Nigerians but would not return to the old import subsidy system.

“I will restore targeted subsidy and put purchasing power back in the hands of Nigerians. I will not restore the import racket; I will restore relief,” Atiku said.