Former Vice President Atiku Abubakar has stated that a recent survey conducted by SBM Intelligence reveals that 67.4% of Nigerians are in favour of restoring the petrol subsidy. According to Atiku, the survey highlights the struggles of households, workers, farmers, and businesses due to high fuel and transportation costs. The survey results also show that petrol is the second-most cited national concern and the worst-rated policy issue of the administration.
The survey, as cited by Atiku, indicates that petrol is a primary concern for 32.4% of rural respondents, compared to 11.7% of urban respondents. Additionally, 30.5% of respondents in the Southwest and 29.1% in the Southsouth identified petrol as a major issue. Atiku's statement, released by his Senior Special Assistant on Public Communication, Phrank Shaibu, emphasizes that these findings demonstrate the need for the government to address the concerns raised by the survey.
Atiku has consistently opposed the removal of the petrol subsidy without adequate measures to protect household incomes, transportation, and domestic production. He proposes an alternative to the former subsidy regime, which involves introducing a transparent production subsidy for petroleum products refined in Nigeria and sold domestically. This proposal would not cover imported products and would have a fixed spending limit, National Assembly approval, and independent audits.
Atiku's proposed subsidy scheme aims to reduce fuel costs, support domestic refining, create jobs, and improve purchasing power. He also called on President Bola Tinubu's administration to provide immediate relief to Nigerians, stressing that economic reforms should ultimately be measured by their impact on living standards. Atiku's statement reflects his ongoing advocacy for policies that prioritize the welfare of Nigerian citizens.
The SBM Intelligence survey also revealed that petrol is the worst-rated policy issue of the administration, with a score of 1.69 out of four. This rating underscores the widespread dissatisfaction among Nigerians with the current fuel subsidy regime. Atiku's statement suggests that the government should take these concerns seriously and consider implementing policies that alleviate the burden of high fuel costs on citizens.
Atiku's call for relief from high petrol and living costs comes amid ongoing debates about the best approach to addressing these challenges. His proposal for a transparent production subsidy has been presented as a potential solution that could mitigate the impact of high fuel costs on households and businesses. The issue remains a pressing concern for policymakers and citizens alike.
The survey's findings and Atiku's proposed solution highlight the complexities of addressing fuel subsidy and economic reform in Nigeria. As the government continues to grapple with these challenges, citizens and policymakers will be watching closely for effective solutions that balance competing interests and priorities.
Key points
- 67.4% of Nigerians favour restoring petrol subsidy, according to SBM Intelligence survey
- Atiku proposes transparent production subsidy for petroleum products refined in Nigeria
- Survey reveals petrol is worst-rated policy issue of administration with score of 1.69/4
