Former Vice President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has called on President Bola Tinubu to urgently take steps to reduce petrol prices and ease the growing cost-of-living burden on Nigerians.
Atiku said Nigerians had endured the consequences of petrol subsidy removal since May 29, 2023, without adequate protection for families, workers, farmers and businesses.
In a statement on fuel prices, palliatives and the cost of living, Atiku said the impact of rising petrol prices had spread across the economy, driving up transportation, food, production and logistics costs.
“When petrol becomes expensive, transportation becomes expensive. When transportation becomes expensive, food becomes expensive,” he said.
“Farmers pay more to move produce. Traders pay more to stock their shops. Workers pay more to get to work. Businesses pay more for logistics and energy. In the end, the Nigerian family receives the bill.”
Atiku said the situation was no longer an economic debate but the daily reality of millions of Nigerians.
He recalled that when he previously called for a review of the government’s approach to petrol subsidy removal and advocated responsible intervention to reduce fuel prices, Tinubu dismissed the proposal as evidence of “serious ignorance” of governance and the economy.
Turning the criticism back on the President, Atiku asked whether the Nigeria Labour Congress, petroleum marketers, manufacturers and millions of Nigerians raising concerns about the rising cost of living were also “ignorant.”
“When workers, producers, marketers and ordinary families are all raising the alarm, government must listen,” he said.
“If everybody who questions your policy is ignorant, while only the President is presumed to be wise, then we have a leadership problem on our hands.”
Atiku argued that government must be willing to adjust policies when their consequences become harmful to citizens.
“Leadership requires the humility to confront the consequences of policy and the courage to change course,” he said.
‘Economic Growth Must Enter the Home’
The former vice president also questioned the emphasis on GDP growth, higher government revenues and increased allocations when many Nigerians were struggling with declining purchasing power.
According to him, manufacturers are battling rising production costs while consumers are increasingly unable to afford the goods being produced.
“The goods are there. The need is there. What is missing is the purchasing power,” he said.
Atiku said economic growth should ultimately be measured by its impact on households.
“Economic growth must enter the home. It must enter the market basket. It must show up in the purchasing power of the worker,” he said.
He warned that increased government revenue would mean little to Nigerians if their incomes continued to buy less food, fuel, electricity and transportation.
“Reform must ultimately be judged by what it does to the lives of the people,” he said.
‘Take the Credit’
Atiku urged Tinubu to use what he described as the remaining eight months of his administration to reduce the economic pressure on Nigerians.
He said the President should not hesitate to adopt policies capable of lowering petrol prices simply because they had previously been proposed by him.
“Bola Tinubu should not be ashamed to do what is necessary to lower the price of petrol simply because Atiku Abubakar proposed a government intervention,” he said.
“He should just take the idea. Rename it if he wishes, and even take the credit. What matters to me is that Nigerians pay less.”
Atiku said political differences should not prevent government from adopting policies that could benefit citizens.
“A sensible idea does not become a bad idea because it came from your opponent,” he said.
‘Palliatives Cannot Substitute for Sound Policy’
Atiku also criticised what he described as excessive reliance on palliatives to cushion the effects of economic policies.
He said emergency assistance had its place but could not replace policies that address the causes of rising costs.
“Do not make life unbearable and then distribute bags of rice as evidence of compassion,” he said.
“Palliatives manage pain. Good policy addresses the source of the pain.”
He warned that cash transfers and food distributions could not permanently compensate workers whose incomes were continually eroded by rising energy and transportation costs.
Atiku also raised concerns over the planned phase-out of electricity subsidies from 2027, warning that households, small businesses and manufacturers were already struggling with high electricity and alternative energy costs.
“The lesson of petrol must not be repeated with electricity,” he said.
“Do not remove first and think later. Do not impose the pain first and search for palliatives afterwards.”
Atiku Unveils Proposed Production Subsidy
Looking ahead to the 2027 election, Atiku said that if elected president, he would introduce a transparent production subsidy for petroleum products refined in Nigeria and sold to Nigerians.
He explained that the proposed policy would be designed to reduce production costs while encouraging domestic refining, job creation and stronger links between manufacturers and local suppliers.
“Our production subsidy will work the same way: government support must bring prices down,” he said.
He added that only petroleum products confirmed to have been refined in Nigeria would qualify, while imported products would be excluded.
According to Atiku, the programme would operate within a fixed spending limit, require National Assembly approval and be subject to independent audits.
He urged Tinubu to use “every responsible instrument available” during the remaining months of his administration to reduce the economic burden on Nigerians.
“If you need the framework, I will provide it. Implement it under your government. Give it whatever name you choose. Take the credit,” he said.
“I ask for only one thing: Let Nigerians breathe.”
Atiku said he remained prepared to contest Tinubu politically but would not allow political competition to take precedence over Nigerians’ welfare.
“I am prepared to compete with you politically. But I will never compete with the welfare of the Nigerian people,” he said.
“The presidency may be contested. The wellbeing of Nigerians should never be.”
He concluded by promising that, if elected in 2027, his administration would pursue an economy where increased production translates into jobs, higher revenues translate into improved living standards and economic growth translates into greater purchasing power.
“Because ultimately, Nigerians do not live on statistics,” he said.
