Kenneth Okonkwo, spokesperson for the Atiku Abubakar Presidential Campaign, has said an Atiku administration would consider restoring the petrol subsidy while prioritising the supply of crude oil to domestic refineries. Okonkwo made the remarks during an interview on Arise Television on Wednesday, September 23, 2026.
He argued that if the subsidy had been removed without what he described as a clear plan, it could also be restored. “First of all, if the entire subsidy was removed without any plan, subsidy can be restored without any plan. Why did I say that? Oil is our product. It comes from our soil, like water,” he said.
Okonkwo recalled a period when the Nigerian National Petroleum Company (NNPC) was responsible for both oil production and refining, arguing that crude could be taken from the country’s oil fields, refined domestically and then sold to Nigerians.
“When NNPC was in charge of both the drilling and both the refining, what do you do? You take the oil from the drilling. You put it and refine it and sell to the people,” he said.
He questioned the extent to which international regulation determines the price at which Nigeria can sell its crude, rejecting claims by the APC that oil prices are internationally regulated.
“Where does the international community come in? This is another manipulation by APC. They’re telling you oil is internationally regulated. That’s a lie. What is internationally regulated is the production quota, not the price of oil,” he said.
Okonkwo said Nigeria should take advantage of its status as an oil-producing country rather than relying on imported refined petroleum products.
“Every country has the right to sell at any price they so wish. Now, what Atiku will do is very simple. We are now a production nation. We are not an importing nation,” he said.
He specifically highlighted the Dangote Petroleum Refinery, saying the facility has the capacity to meet Nigeria’s domestic fuel requirements if sufficient crude is supplied to it.
“Dangote refinery alone, according to Dangote, can produce all our domestic need. What does it need? Supply them crude. Are you aware that this government does not even supply crude to Dangote refinery? They are pledging our crude to borrow money,” he said.
He argued that Nigeria had sufficient production capacity to supply the refinery while still retaining crude for export.
“Because our local refinery output now is about 1.8 million barrels per day. Dangote is searching for 700,000. Why can’t you give it to him? You still have 1.1 million to export. He’s not telling you to give it to him free of charge. If you supply crude to Dangote, even at the international price, you will still get it cheaper,” he said.
He attributed the difference to the futures market and existing crude commitments. “It’s called a futures market. We’ve already sold the crude, so we can’t actually give it to somebody else. That was why I told you that even when Dangote comes in, it’s still not going to come cheap,” he said.
SOURCE: Beejey
