The Independent Media and Policy Initiative (IMPI) has challenged African Democratic Congress (ADC) presidential candidate Atiku Abubakar and Nigeria Democratic Congress (NDC) presidential candidate Peter Obi to publicly explain how their proposed fuel subsidy restoration plans would work without worsening Nigeria’s fiscal challenges.
The policy group made the call in a statement signed by its Chairman, Dr Omoniyi Akinsiju, who urged both opposition figures to present clear and financially sustainable alternatives to the current fuel pricing regime.
Akinsiju said the proposals being advanced by the opposition leaders appeared attractive but lacked sufficient detail on how they would be implemented without placing additional pressure on public finances.
He said, “Political campaign promises must be anchored on rigorous policy logic rather than economic illusions designed for temporary electoral appeal.”
The IMPI chairman challenged Atiku and Obi to publicly debate their respective proposals and answer questions covering crude ownership, revenue losses, arbitrage, smuggling, the legal framework and budgetary transparency.
On crude ownership, Akinsiju asked how a government would compel international oil companies and private crude producers to sell their commercial assets to domestic refiners at government-mandated discounted rates.
“How do you intend to compel joint-venture international oil companies (IOCs) and private crude producers—who own significant equity shares in Nigerian crude oil—to sell their commercial assets to domestic refiners at government-mandated discounted rates without triggering massive international arbitration, breaching contracts, and causing investor flight?” he asked.
He also questioned how the proposed subsidy arrangements would affect revenues accruing to the three tiers of government.
“With crude oil sales serving as the main source of foreign exchange and revenue for the Federation Account Allocation Committee (FAAC), how will your administration cover the trillions of Naira in monthly revenue shortfalls to states and local governments that a ‘crude discount’ or ‘production subsidy’ will inevitably cause?” Akinsiju asked.
On the risk of smuggling and cross-border arbitrage, he demanded details of the mechanisms that would prevent subsidised products or discounted crude from being diverted to neighbouring countries for profit.
“Under a deregulated regional market, what specific administrative mechanisms will you put in place to prevent discounted domestic crude or subsidised refined products from being diverted across borders for profit?” he asked.
Akinsiju also raised questions about the legality of returning to price controls or crude price differentials under the Petroleum Industry Act (PIA) 2021.
“How do you plan to reconcile a return to price-fixing or crude price differentials with the explicit statutory mandates of the Petroleum Industry Act (PIA) of 2021, which legally enforces full deregulation and market-driven pricing in the downstream sector?” he asked.
He further questioned whether the proposed subsidy arrangements would be captured transparently in the national budget.
“Will your proposed support differentials be explicitly captured in the national budget passed by the National Assembly, or do you intend to revert to off-budget, unappropriated under-recovery deductions by NNPC Limited that previously depleted public finances and ballooned ‘Ways and Means’ debt?” he asked.
Akinsiju said Nigerians deserved detailed policy proposals rather than campaign rhetoric.
“Re-entering a subsidy regime under any name—whether branded as a ‘production subsidy’ or an ‘interim welfare bridge’—threatens to reverse hard-won fiscal stability, endanger international credit standing, and derail the long-term path toward energy independence driven by domestic refining and local currency crude transactions,” he said.
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He urged Atiku and Obi to provide Nigerians with detailed implementation plans before the 2027 general elections.
“So we challenge Alhaji Atiku Abubakar and Mr Peter Obi to move beyond generalized criticism and present a step-by-step, empirically backed implementation roadmap that addresses these fundamental questions before the Nigerian public,” Akinsiju added
