Kenneth Okonkwo, spokesperson for former Vice-President Atiku Abubakar's presidential campaign, has announced a bold strategy aimed at reducing petrol prices in Nigeria by prioritising local refining and supplying crude oil to domestic refineries at competitive rates. This plan, which is part of Atiku's vision for the 2027 presidential election, seeks to address the current challenges of high fuel costs and inflation affecting everyday Nigerians.

During an appearance on Channels Television’s Politics Today, Okonkwo clarified that Atiku's approach is fundamentally different from the previous subsidy regime that has been marred by corruption. He asserted that the proposed Atiku Fuel Affordability Plan (AFAP) will focus on enhancing domestic production rather than relying on imported fuel. "Atiku is not going back to the corrupt regime of the subsidy of the past," he stated, emphasizing the need for Nigeria to utilise its existing local refining capabilities.

Okonkwo explained that the AFAP would ensure that local refineries receive crude oil at a price that enables them to produce petrol affordably. He argued that the current situation, where Nigeria exports crude oil while domestic refineries struggle to source it, is unsustainable. "What we are suffering today is not demand-pull inflation; it is cost-of-production-induced inflation," he noted, highlighting how high production costs are exacerbating the cost of living crisis.

Criticism was directed at the Federal Government for failing to provide adequate crude oil supplies to domestic refineries, particularly the Dangote Refinery, which has been forced to import crude. Okonkwo highlighted the absurdity of exporting crude while local refineries are starved of resources, stating, "You are exporting our crude oil to foreign countries, and Dangote is labouring to import crude oil into Nigeria."

The spokesperson further distanced Atiku's plan from the previous subsidy system, which he claimed was rife with corruption and inefficiencies. He described how the old regime involved inflated import volumes and prices, leading to a loss of public trust. "That was how subsidy became synonymous with corruption. Atiku is not going back to that," he reiterated.

Atiku's economic agenda aims to enhance the purchasing power of Nigerians by reducing fuel costs and, consequently, the prices of goods and services across the economy. Okonkwo pointed out that the current petrol price, approximately ₦1,300 per litre, places a heavy burden on workers, making it nearly impossible for those earning the minimum wage to fill a standard vehicle tank without financial strain.

In addition to addressing fuel prices, Okonkwo stated that Atiku's administration would work towards making Nigeria a net exporter of refined petroleum products. This ambition aligns with the proposed economic plan that seeks to replace the former import-based subsidy model with a production-linked intervention for qualifying local refineries.

As the campaign gears up for the 2027 elections, Atiku's team is focused on making Nigeria's natural resources work for its citizens, ensuring that the benefits of local production are felt by all Nigerians. Okonkwo concluded, "Our emphasis is on production," reinforcing the commitment to a sustainable and transparent economic model that prioritises the welfare of the populace.