What is your plan to bring down the price of petrol?
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 brings down retail pump prices, without forcing refiners into losses. This is how we will make fuel more affordable while keeping our refineries running.
Where this comes from
p. 6 Introduction Atiku Abubakar: Answers to questions from the public 2026-10-02 ›
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.