By Jelili Gbadamosi
Atiku Abubakar, Former Vice President and African Democratic Congress, ADC, presidential candidate, has rejected a ₦21.9 trillion annual cost reportedly attached to his proposed production subsidy for local refineries.
Atiku, through his media aide, Phrank Shaibu, accused President Bola Tinubu’s Senior Adviser on Digital/New Media, O’tega Ogra, of creating assumptions and figures which were not contained in his proposal.
The former vice president had proposed targeted production support for locally refined crude, saying the policy would reduce fuel production costs and ultimately make petrol and other essential commodities more affordable.
However, Ogra argued that a similar subsidy arrangement existed during the administration of former President Olusegun Obasanjo, when Atiku was vice president, and claimed the policy produced poor results.
Ogra also cited figures on domestic crude allocation and revenue forgone under the previous arrangement, challenging Atiku to explain the outcome of the policy.
Responding, Shaibu said the previous arrangement of supplying crude to local refineries under preferential pricing should not be equated with Atiku’s current proposal.
He said Atiku’s plan would tie government support specifically to fuel refined locally and would be capped, budgeted and subject to appropriation and monitoring.
“There is no subsidy for imported fuel. No blank cheque. No licence for arbitrage,” Shaibu said.
He further dismissed the ₦21.9 trillion annual cost cited by Ogra, saying the figure was based on assumptions made by the presidential aide and did not originate from Atiku’s proposal.
“That is not economic analysis. It is political fan fiction with a calculator,” Shaibu said.
Atiku also questioned the Tinubu administration’s management of funds reportedly saved from the removal of petrol subsidy.
He challenged the government to account for the revenue and borrowing amid rising costs of fuel, food, transportation and electricity.
According to him, his proposal is aimed at increasing domestic refining, creating jobs and using targeted government support to make energy more affordable.
The former vice president also took a swipe at Ogra over his exclusion from the APC Presidential Campaign Council, accusing him of spending weeks attacking the ADC candidate despite not being included in the party’s campaign structure.
Atiku said Ogra’s exclusion should prompt him to reconsider his approach, describing his attacks as an attempt to prove his political relevance to the ruling party.
