Refinery Subsidy Failed Under You, Presidency Tells Atiku

The Presidency has criticized African Democratic Congress presidential candidate Atiku Abubakar's proposal for production subsidies for local refineries, stating that Nigeria had already tried the policy during his tenure as Vice President and it failed. O'tega Ogra, Senior Special Assistant to President Bola Ahmed Tinubu on Digital and New Media, made the assertion in a post on his X handle, responding directly to Atiku. Ogra said Nigeria's experience with production subsidies for local refineries under the administration in which Atiku served produced what he described as 'shambolic results.' He cited data showing that by 2002, the Nigerian National Petroleum Corporation's domestic crude allocation had risen to 445,000 barrels per day, supplied on preferential terms to local refineries, and that the International Monetary Fund estimated revenue forgone from the arrangement at 3.2 per cent of GDP in 2002 and 2.9 per cent in 2003.

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