Atiku: IPMAN has exposed flaws in Tinubu’s subsidy argument

Presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar, has said the call by the Independent Petroleum Marketers Association of Nigeria (IPMAN) for government intervention to reduce petrol prices has exposed what he described as weaknesses in the Tinubu administration’s argument against fuel subsidies.

Atiku stated this in a statement issued by his media team on Thursday, following IPMAN’s appeal to President Bola Tinubu to intervene with domestic refiners to bring down petrol prices.

IPMAN President, Abubakar Maigandi, had called on Tinubu to broker an agreement with Dangote Refinery to reduce the price of petrol amid recent increases at filling stations.

Petrol prices had risen to between N1,310 and N1,350 per litre in some parts of the country.

Reacting, Atiku backed the marketers’ call for government intervention, arguing that those involved in the purchase, distribution and sale of petroleum products understand the impact of high fuel prices on businesses and households.

He said the marketers’ position supported his argument for targeted intervention in the domestic refining sector to reduce the cost of petrol.

Atiku said the government should not completely stand aside while rising fuel prices increase the pressure on Nigerians.

He argued that a production-linked subsidy targeted at domestic refining would be different from the former subsidy system, which he said was associated with importation and leakages.

Atiku has previously promised to restore fuel subsidies in a targeted manner if elected president in 2027.

However, the Tinubu administration has maintained that the removal of fuel subsidy was necessary to stabilise the economy and redirect government resources to other areas.