Former Vice President and presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar, has launched a fresh broadside against President Bola Ahmed Tinubu over the rising cost of petrol, electricity, transportation and basic necessities, urging the Federal Government to urgently reverse policies worsening the cost-of-living crisis.
Atiku, in an address titled “Address on Fuel Prices, Palliatives and the Cost of Living,” said Nigerians had borne the consequences of petrol subsidy removal since May 29, 2023, without adequate protection for families, workers, farmers and businesses.
He argued that the impact of high petrol prices had cascaded through the economy, raising transportation and food costs while increasing production and logistics expenses for businesses.
According to him, “when government makes energy expensive, it makes life expensive,” insisting that the consequences of economic policies should ultimately be measured by their impact on ordinary households.
The ADC presidential candidate challenged Tinubu to reconsider his earlier dismissal of his proposal for government intervention to bring down petrol prices.
“When I first argued that government should review its approach to the withdrawal of petrol subsidy and consider responsible intervention to bring down the cost of fuel, Mr. Bola Tinubu dismissed my proposal as demonstrating ‘serious ignorance’ of governance and the economy,” Atiku said.
“My dear Bola, events since then have raised a simple question.
“Is the Nigeria Labour Congress also ignorant when it calls for urgent intervention to cushion workers from rising petrol prices?
“Are petroleum marketers ignorant when they call for policies that strengthen domestic refining and help moderate pump prices?
“Are Nigerian manufacturers ignorant when they warn that power-related expenses now consume more than half of operating costs?”
‘Take The Idea, Rename It’
Atiku, who said the government still had approximately eight months remaining in its tenure, directly appealed to Tinubu to use the period to reduce the burden on Nigerians.
He said the President should not reject a policy proposal merely because it originated from a political opponent.
“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.”
He further argued that “a sensible idea does not become a bad idea because it came from your opponent,” urging the President to intervene if such intervention could lower fuel prices.
Atiku also rejected reliance on palliatives as a substitute for sound economic management, using a vivid analogy to underscore his position.
“Do not make life unbearable and then distribute bags of rice as evidence of compassion,” he said.
“Do not break a man’s legs, hand him crutches and demand applause for providing mobility.”
According to him, while emergency assistance has its place, palliatives cannot permanently address the underlying causes of economic hardship.
“A bag of rice cannot repair an economy in which transportation costs outrun salaries.
“A cash transfer cannot permanently compensate a worker whose income is continuously eroded by energy costs.
“Palliatives manage pain. Good policy addresses the source of the pain.”
‘Don’t Repeat Petrol Mistake With Electricity’
The former vice president also warned against the planned phasing out of electricity subsidies from 2027, arguing that households and businesses were already struggling with high energy costs.
He said the barber, tailor, frozen-food seller, welder and manufacturer were all dependent on affordable electricity to remain productive.
“The lesson of petrol must not be repeated with electricity,” Atiku warned.
“Do not remove first and think later. Do not impose the pain first and search for palliatives afterwards.
“When energy becomes unaffordable, everything becomes unaffordable.”
Atiku also dismissed the celebration of GDP growth, increased government revenues and larger allocations as insufficient measures of economic success if Nigerians continued to lose purchasing power.
“Government celebrates GDP growth, higher revenues and bigger allocations. But Nigerians judge the economy by what their money can buy,” he said.
“A government collecting more money while its citizens can afford less cannot declare victory on the strength of bigger numbers alone.”
Atiku Unveils Proposed Petroleum Production Subsidy
Looking ahead to 2027, Atiku said that if elected, he would introduce a transparent production subsidy for petroleum products refined in Nigeria and sold to Nigerians from May 29, 2027.
He said the proposed intervention would be restricted to products confirmed to have been refined domestically, excluding imported petroleum products.
According to him, the programme would have a fixed spending limit, National Assembly approval and independent audits.
He likened the proposal to government support for a Nigerian rice miller, arguing that lowering production costs could make products cheaper, expand demand, increase purchases from farmers and create jobs.
“Our production subsidy will work the same way: government support must bring prices down,” Atiku said.
He reiterated his appeal to Tinubu to implement the idea immediately rather than wait for a change of administration.
“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 insisted that the welfare of Nigerians should not become a subject of political rivalry.
“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 promised that, if elected, his administration would seek to build an economy where increased production translates into jobs, higher revenues improve living standards and economic growth results in greater purchasing power.
“Ultimately, Nigerians do not live on statistics,” Atiku said. “They live on what their hard-earned money can buy.”
