Nigeria, Oct. 7 -- Alhaji Atiku Abubakar, former Vice President of Nigeria and presidential candidate of the African Democratic Congress, (ADC), has returned to the centre of Nigeria's economic debate with a proposal that deserves careful scrutiny.

In his Independence Day policy statement, Alhaji Atiku Abubakar promised Nigerians what he described as a capped and budgeted production subsidy tied to verified petrol refined in Nigeria. Imported petrol, he said, would not qualify. The subsidy would support domestic refining, its costs and beneficiaries would be disclosed and independently audited and the benefit would be expected to reach Nigerians through lower pump prices.

On the surface, the proposition is attractive, particularly at a ...