‘Arithmetic flaw’ -Presidency blasts Atiku’s petrol subsidy plan

The Presidency has erstwhile again lambasted the program of the African Democratic Congress, ADC, statesmanlike candidate, Atiku Abubakar, to reconstruct petrol subsidy if elected president successful the forthcoming 2027 wide elections.

In a station via X connected Wednesday, Special Adviser to President Bola Tinubu connected Media and Public Communication, Sunday Dare, described the program arsenic an ‘arithmetic flaw.’

While arguing that selling crude lipid to section refineries astatine preferential prices could make fiscal, marketplace and smuggling challenges, Dare further described Atiku’s connection arsenic an ‘economic safari.’

According to the connection titled, ‘The Arithmetic Flaw successful Subsidising the Barrel’, the statesmanlike adjutant said Atiku’s connection to proviso crude to home refiners beneath marketplace worth would trim the gross disposable to the 3 tiers of government.

“Who Pays the Bill? Selling federation crude beneath marketplace terms creates an contiguous fiscal spread successful the Federation Account, straight slashing allocations to federal, state, and section governments for schools, hospitals, and security,” helium said.

Dare further cautioned that preferential crude pricing could distort contention successful the downstream petroleum sector, adding that specified an statement could hazard creating artificial monopolies, destabilising smaller indigenous modular refiners and struggle with the deregulatory provisions of the P...