- Says ex-VP’s proposal will stifle local refining, private investment
By Chesa Chesa
The Presidency has accused former Vice President Atiku Abubakar of political opportunism over his recent call for the reintroduction of petrol subsidy, noting the position as a reversal of the former presidential candidate’s previous stance on the policy.
Special Adviser to the President on Media and Public Communications, Sunday Dare, in a statement titled “Atiku’s Subsidy U-Turn: The Bankruptcy of Desperate Ambition,” said Atiku’s latest position amounted to a departure from the economic principles he advocated during the build-up to the 2023 general elections.
Dare alleged that Atiku had previously made the removal of fuel subsidy a central component of his economic agenda, arguing at the time that the subsidy regime was opaque, corruption-ridden and financially unsustainable.
According to him, Atiku had criticised the subsidy system as a mechanism that drained public resources and enriched a few beneficiaries at the expense of national development.
Dare said the former vice president’s current advocacy for subsidy was therefore a “radical reversal” motivated by political considerations ahead of the next electoral cycle.
“Yet, as the political calendar ticks toward the next electoral cycle and the reality of his diminished prospects sets in, Atiku has engineered a shameless volte-face,” he said.
The presidential aide accused Atiku of attempting to exploit the economic difficulties Nigerians are currently experiencing, rather than offering alternative solutions to address the challenges arising from the removal of subsidy.
He argued that the removal of subsidy, despite its short-term consequences, had freed significant resources for allocation to the federal, state and local governments and supported investments in infrastructure and other sectors.
Dare also cited the expansion of domestic refining capacity as evidence of what he described as the emerging benefits of the reform.
He maintained that reversing the policy would undermine local refining, discourage private investment and expose the country to renewed foreign exchange pressures.
“The old import subsidy regime was not merely a pricing mechanism; it was a black hole of rent-seeking, round-tripping, and monumental corruption that starved health, education, and infrastructure of vital capital,” Dare said.
He urged Nigerians to reject what he described as an attempt to return the country to the old subsidy regime, insisting that sustainable economic reforms require political leaders to defend difficult decisions even when they are unpopular.
Dare further accused Atiku of prioritising electoral calculations over long-term economic stability.
“True leadership requires the courage to defend difficult, foundational reforms even when the political weather is rough, rather than pandering to populist illusions for ballot-box validation,” he said.
The presidential aide expressed confidence that Nigerians would reject Atiku’s position, describing it as a “desperate gambit” that would ultimately fail.
