Former Vice President Atiku Abubakar has launched a scathing attack on the Tinubu administration, accusing the presidency of deliberately distorting economic realities and weaponizing concerns raised by the Dangote Refinery to discredit his production subsidy proposal.
The fiery political clash erupted after the mega-refinery cautioned that government-imposed price controls and sudden shifts toward subsidy reintroduction could severely hurt refining margins and disrupt financial forecasting. While the Presidency quickly seized on the warning to punch holes in opposition economic models, Atiku fired back through his media office, arguing that Dangote’s statement actually exposes the fundamental flaws of the current administration’s approach.
According to Atiku, the private facility was entirely correct to warn that investors cannot be forced to absorb massive losses brought on by arbitrary, politically motivated pump-price caps. However, he emphasized that his proposed production subsidy model avoids that pitfall entirely by targeting the cost of feedstock crude rather than slapping unsustainable price commands on private refineries.
“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,” Atiku stated.
The former presidential candidate explained that under his framework, public support would be strictly ring-fenced to lower the cost of local crude supplied to domestic refineries through a transparent, audited mechanism—ensuring cheaper pump prices for citizens without strangling commercial viability. Accusing Aso Rock of engaging in melodrama and selective compassion, Atiku challenged the administration to face an open debate on economic policy rather than hiding behind political propaganda.
