Atiku's 'Production Subsidy' Plan: A Furthering of Private Profiteers Over Masses

Nigeria's presidential candidate, Atiku Abubakar, has been promoting a 'production subsidy' model that critics say will further enrich private profiteers at the expense of the masses.

Atiku's proposal involves selling off public refineries and handing over control to companies like Dangote Group, which already dominates the sector. According to Phrank Shuaibu, Atiku's Special Assistant on Media, 'government must pay for that relief openly' and 'must be budgeted,' but critics argue this means simply subsidizing private profits.

The current regime has seen petrol prices skyrocket, with Nigeria relying heavily on imports despite having significant domestic refining capacity. Critics point out that Iran, which is at war, sells its oil for just $35 per liter, while Nigerians pay a much higher price due to the dominance of private profiteers.

Atiku's proposal has been criticized by Kunle Wizeman Ajayi in an article on Sahara Reporters, who argues that it will plunge Nigeria into more poverty and hardship. The data from the IMF shows that oil subsidy removals have added 7.1 million Nigerians to the over 33% of poverty-stricken people since 2026.