APC Campaign Council Warns of Smuggling and Revenue Losses Over Atiku's Petrol Subsidy Proposal
The All Progressives Congress (APC) Presidential Campaign Council has expressed concern over Atiku Abubakar's proposal for a production subsidy on petrol in Nigeria.
In a statement, the council warned that the plan could potentially revive smuggling activities and negatively impact government revenue.
The council cited the negative experiences of the past when a similar subsidy regime was in place, leading to a surge in smuggling activities and a decrease in government revenue.
According to the council, the proposed production subsidy could lead to an increase in the supply of petrol, which may not be matched by an increase in demand. This could result in a surplus of petrol, encouraging smuggling activities.
The council further emphasized that the government would be left with less revenue to fund vital sectors like education, healthcare, and infrastructure development.
The statement added that the council supports the current petrol pump price of N145 per liter, stating that it has helped to reduce smuggling activities and improve government revenue.
The All Progressives Congress (APC) Presidential Campaign Council urged Nigerians to be cautious of promises made by the Peoples Democratic Party (PDP) regarding the petrol subsidy.
Nigeria is the largest oil producer in Africa, with a population of approximately 206 million people. The country has been grappling with issues related to fuel subsidy, including smuggling, for decades.
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<small>Source: Punch Nigeria — read the original story there.</small>