The presidential candidate of the Peoples Democratic Party for the 2023 elections in Nigeria, Atiku Abubakar, has expressed his intention to remove subsidy and privatise the country’s refineries if elected in 2023.
Abubakar made this known on Sunday during People’s Townhall, a brainchild of Channels Television and its partners.
The former Vice President said: “I have already announced that we are going to remove subsidy and then of course negotiate with all stakeholders on how we can establish palliatives for removing subsidies.
“Whether we decide to remove subsidy or not, based on the Petroleum Industry Act, by June next year, subsidy will have to stop and that is the law that has been passed by the National Assembly.
“But as far back as last election season, I announced that I was going to remove subsidy.
“When I was the Vice President, we were to remove subsidy in four stages.
“As the Chairman of the Economic Council, I supervised and implemented Phase One and Phase Two.
“By the time we got to Phase Three, it was suspended.
“If we had gone with that programme, by the time we left office, there wouldn’t have been any more subsidies for any government to inherit.”
On how he would tackle the shortage of foreign exchange, Abubakar said: “I would direct the Central Bank to stop multiple exchanges so that we close the gap.
“And then, of course, secondly, how do we also encourage foreign investors to bring in forex from abroad?
“I think is very key as far as that challenge is concerned.
“So basically if you can do that, you will then make it available for as much as possible.
“For most of the industries or factories, first of all we will ensure that there is only one exchange rate, not multiple exchange rates as we currently have because the multiple exchange rate regime is corrupted….”
On Nigeria’s refineries, which have not been working, Abubakar said: “For the four refineries that don’t work, please, let’s give them to the private sector.
“I mean, in every great nation in this country, you find that the private sector is the driver of the economy.
“They provide the jobs, they provide the prosperity, and they do everything. Why should we be different?”