Ego ole ka ego ùgwù mmanụ ị na-atụ aro ga-efu gọọmenti kwa afọ, oleekwa ebe ego ahụ ga-esi abịa?

Answer: I am proposing a Production Subsidy Model that lowers crude supply prices or offers fiscal relief on inputs to local refiners. This reduces refining costs at home and lowers retail pump prices without forcing refiners into losses. Q40: If government subsidises locally refined petrol or crude supplied to refineries, how much will it cost, where will the money come from, and what happens if oil prices rise or government revenue falls? Answer: The subsidy will be explicitly capped in the national budget and funded directly from domestic crude sales. Global price shocks will be managed using structured fiscal stabilization buffers and oil revenue hedging tools.

Q41: How will you ensure that any subsidy reaches consumers rather than becoming additional profit for refinery owners, being diverted, or being abused through corruption and false claims? Answer: Subsidies will be paid only on verified volume output measured by digital meters at refinery gates, backed by end-to-end supply chain tracking to prevent false claims and smuggling. Q42: Which refineries would qualify for the subsidy, how will Nigerians know how much government is spending, and what mechanisms will ensure transparency? Answer: All licensed public and private domestic refineries qualify. Transparency is guaranteed through monthly public reporting of crude allocations, refined outputs, and subsidy payouts on an open portal. Q43: How long would the subsidy last, and what conditions would determine when it should be reduced or ended? Answer: My policy includes a clear sunset clause, gradually unwinding the subsidy as domestic refining meets 100% of national demand, foreign exchange stabilizes, and consumer incomes rise.

President Bola Tinubu, at his inauguration on May 29, 2023, announced the abolishment of the subsidy on PMS, popularly known as fuel. Ever since, it has been a bragging right of Tinubu and officials of his administration. I had in my statement reviewing the one year of the Bola Tinubu administration urged the government to come clean on the actual position of the subsidy policy. These were my exact words: "...provide clarity on the fuel subsidy regime, including the fiscal commitments and benefits from the fuel subsidy reform and the impact of this on the Federation Accounts. It is curious that since April 2024, fuel queues have mounted at many filling stations across Nigeria, and the infamous ‘black market’ has sprouted in several states. How much PMS is being imported and distributed, and at what cost? What is the implicit subsidy?" If the subsidy regime had been characterised by opaqueness, what would we say of a situation where the subsidy is still being paid under the cover without Nigerians in the know?

President Bola Tinubu, at his inauguration on May 29, 2023, announced the abolishment of the subsidy on PMS, popularly known as fuel. Ever since, it has been a bragging right of Tinubu and officials of his administration. I had in my statement reviewing the one year of the Bola Tinubu administration urged the government to come clean on the actual position of the subsidy policy. These were my exact words: "...provide clarity on the fuel subsidy regime, including the fiscal commitments and benefits from the fuel subsidy reform and the impact of this on the Federation Accounts. It is curious that since April 2024, fuel queues have mounted at many filling stations across Nigeria, and the infamous ‘black market’ has sprouted in several states. How much PMS is being imported and distributed, and at what cost? What is the implicit subsidy?" If the subsidy regime had been characterised by opaqueness, what would we say of a situation where the subsidy is still being paid under the cover without Nigerians in the know?

The Presidency turned it into a campaign of fear. “A refinery that has invested billions of dollars cannot be commanded to sell indefinitely below cost and absorb the losses. That would be reckless, economically destructive and unfair to any private investor. “But that is precisely why our proposal is different. “We are restoring subsidy through a production subsidy model, not an import subsidy model. “The difference is simple enough for every Nigerian to understand. Import subsidy spends public money supporting petrol refined abroad and brought into Nigeria. Production subsidy supports crude refined here in Nigeria so that Nigerian refineries can produce fuel more cheaply and Nigerians can pay less. “Think of it like rice.

My dear Francis, thank you for taking the time to truly understand what I am proposing. That means a great deal to me. I am not restoring subsidy so that Nigeria can keep paying for imported petrol. I am restoring subsidy so that Nigerians can produce more at home, pay less for fuel, and keep more money in their pockets. That is the difference between import subsidy and production subsidy. Think about shoes. If government wants Nigerians to buy shoes more cheaply, it can spend public money making imported shoes cheaper, or it can support shoemakers in Aba to reduce their production costs so they can make more shoes here, employ more Nigerians and sell at more affordable prices. I choose the Aba shoemaker. I will do the same with fuel. We will support crude refined in Nigeria so our refineries can produce at a lower cost and you can pay less. But for me, this is bigger than fuel. I want the bus fare you pay every morning to come down. I want the cost of taking food from the farm to the market to come down. I want the trader to spend less. I want the barber, tailor, welder and small business owner to spend less on energy.