Former Vice President Atiku Abubakar has accused the administration of President Bola Ahmed Tinubu of turning Dangote Refinery’s business concerns into a political campaign strategy.
Atiku made the allegation in a statement issued by his spokesperson, Phrank Shaibu, on Friday.
He said Dangote Refinery was justified in resisting any attempt to force a private refinery to absorb losses arising from government-imposed fuel prices, but accused the Presidency of deliberately misrepresenting his proposal to restore fuel subsidy.
“Dangote raised a legitimate business concern. The Presidency turned it into a campaign of fear,” Atiku said.
According to him, a refinery that has invested billions of dollars cannot reasonably be expected to sell fuel indefinitely below cost and bear the resulting losses.
He, however, explained that his proposed subsidy model would be different from the previous system, which he described as an import subsidy.
“We are restoring subsidy through a production subsidy model, not an import subsidy model,” he said.
Atiku explained that the proposed model would use public funds to support petrol refined domestically rather than subsidising imported fuel.
He compared the approach to supporting local rice production, arguing that helping domestic producers reduce production costs would make the commodity more affordable while creating jobs and retaining economic activity within the country.
“That is exactly what we are proposing for fuel. We are restoring subsidy, but moving it from importation to production,” he said.
Atiku stressed that the proposed subsidy would not benefit foreign refineries, importers or middlemen, but would instead support domestic fuel production.
The former vice president’s proposal to restore fuel subsidy has sparked debate, with President Tinubu and Labour Party presidential candidate Peter Obi opposing the idea.
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