The presidential candidate of the Peoples Democratic Party, (PDP), Atiku Abubakar says he will remove the controversial and fraudulent petrol subsidy which could cost Nigeria up to $9bn in 2022, according to estimates by the Financial Times.
Atiku, who acknowledges that oil will continue to be key in turning Nigeria’s economy around, said years of under-investment in infrastructure and large-scale theft have depressed oil production and brought untold misery.
In an interview with the Financial Times, Atiku said, “I will remove fuel subsidy. Within the first 100 days in office, we should be able to make a decision”.
He promised to provide a comprehensive road map on how the proceeds from the petrol subsidy removal will be invested. Attempts at privatising the state-owned oil company, the Nigerian National Petroleum Company Ltd., whose shares are owned by the federal government, were muddled, he said.
“I will have to study the so-called privatisation and see how we can review it, and make sure that it conforms to our expectations, which is realising as much revenue as possible”.
He also pledged to reform Nigeria’s multiple exchange rates with “a unified exchange rate or a maximum of two”, in conjunction with the Central Bank of Nigeria, (CBN). He said some $10bn would be allocated to small and medium-sized enterprises, (SMEs) to create jobs, money he claimed would be raised by the privatisation of state-owned refineries and savings from fuel subsidies.
With a public debt of $103bn, he said he would have “to approach our creditors to see how we can renegotiate and reschedule repayments”. He also plans to cut down on public sector expenditure, which he described as “expenditure not in favour of development”.
On crime and security, Abubakar said he would increase the number of police officers and other security service personnel and “train and equip them better”. He is also considering introducing state policing, a departure from the existing centralised force.
The Wazirin Adamawa said he planned to form a government of national unity that would include opposition politicians.
