Atiku’s fuel subsidy plan is dead on arrival, says TDF

The Democratic Front (TDF) has criticised a proposal by former Vice-President Atiku Abubakar to reintroduce fuel subsidy, describing the plan as “myopic”, impracticable and incapable of addressing Nigeria’s economic challenges.

Atiku, the African Democratic Congress (ADC) presidential candidate, has proposed an alternative approach to managing the country’s petroleum sector as part of his economic recovery agenda.

However, in a statement signed by its Chairman, Danjuma Muhammad, and Secretary, Wale Adedayo, the TDF accused Atiku of attempting to exploit Nigerians’ economic difficulties for political gain ahead of the 2027 general elections.

The group described Atiku’s criticism of President Bola Tinubu’s economic policies and his proposal to subsidise petroleum products as “immature, irresponsible and anti-democratic”.

According to the TDF, Atiku’s proposal effectively acknowledges the rationale behind Tinubu’s decision to remove the former fuel subsidy regime in 2023 because he has indicated that he would not restore the previous system.

“We consider Atiku’s outburst against President Bola Ahmed Tinubu over his flawed and convoluted plan to restore petroleum subsidy, as immature, irresponsible and anti-democratic,” the group said.

The TDF argued that Atiku’s proposed “follow the barrel” model, which involves selling crude oil to domestic refiners at a discounted price, failed to provide sufficient safeguards for transparency and accountability.

It alleged that the proposal could merely shift the leakages associated with the former subsidy system from petroleum consumption to crude oil production.

“Being the brainchild of a Vice President who presided over the most scandalous privatisation exercise in human history, Atiku’s ‘follow the barrel’ subsidy proposal failed to establish transparency and accountability in its plan to sell crude oil at a discounted price to refinery owners,” the statement said.