African Democratic Congress (ADC) vice-presidential candidate Rotimi Amaechi has outlined former Vice-President Atiku Abubakar’s proposed approach to reducing petrol prices, saying a future administration would support local refining rather than restore the previous system of subsidising imported fuel.
Amaechi explained the proposal during an appearance on Channels Television’s Politics Today, where he discussed the cost of living and the economic challenges facing Nigerians. He argued that high petrol prices have contributed to rising transportation and electricity costs.
According to Amaechi, the plan would involve providing locally based refiners with crude oil at a lower cost so they could produce petroleum products and sell them to consumers at more affordable prices. He said the proposed support would focus on domestic production and could also encourage investment and job creation in the refining sector.
Amaechi said the policy would differ from the former import-based subsidy arrangement, which involved government support for imported petrol. He maintained that the proposed model would be designed to help domestic refiners lower production costs while improving access to fuel for households and businesses.
Atiku has also described his position as one that would provide targeted relief to Nigerians without restoring what he called the old import subsidy system. His comments followed public discussion over whether his proposed intervention would amount to bringing back fuel subsidies.
However, the proposal raises questions about implementation, funding and the legal framework governing petroleum pricing. Nigeria’s Petroleum Industry Act provides for market-based pricing, and the federal government has questioned the legal and fiscal basis of Atiku’s proposal.
The proposal comes as Nigerians continue to face pressure from fuel, food and transportation costs. Petrol prices affect the cost of moving goods and providing services, making changes in the downstream petroleum sector an important issue in the debate over household spending and economic policy.
Amaechi has said an Atiku-led government would seek to reduce fuel and food costs within its first year in office. The claim remains a campaign pledge; its outcome would depend on the details of the policy, its funding and how it is implemented.
With the 2027 general election approaching, fuel affordability is likely to remain a prominent subject in discussions among political parties. The competing proposals will be assessed against their practical details, including how any support would be financed and how much of the benefit would reach consumers.