Former Vice-President Atiku Abubakar has promised to reintroduce a form of fuel subsidy if elected, saying the policy would reduce the cost of petrol and transportation for Nigerians.

Atiku said his proposed subsidy would be targeted at locally refined petroleum products rather than imported fuel. He described the plan as a “production subsidy” aimed at supporting domestic refineries and lowering the cost of producing petrol in Nigeria.

According to him, government support for local refiners would enable them to produce petroleum products more cheaply, allowing the benefits to reflect in pump prices.

Atiku explained the policy using the example of supporting local shoemakers instead of subsidising imported shoes.

“I choose the Aba shoemaker,” he said, arguing that the same approach should be applied to petroleum refining by supporting local production.

The former vice-president said cheaper petrol would also help bring down transportation costs and reduce the cost of moving food from farms to markets.

“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,” Atiku said.

He added that lower fuel costs would benefit small businesses that rely on petrol and other energy sources to operate, while helping households cope with the rising cost of living.

Atiku urged Nigerians to distinguish his proposed production subsidy from the previous system of subsidising imported petrol.

“That is what my production subsidy is about: support what we refine here, create jobs here, reduce the cost of fuel here, and make everyday life more affordable for Nigerian families,” he said.

He said the policy would ultimately support domestic refining, create jobs and make fuel, transportation and other daily expenses more affordable for Nigerians.