Former Vice President Atiku Abubakar has urged President Bola Tinubu to take immediate steps to reduce petrol prices, arguing that Nigerians are already struggling with the combined impact of high energy, transportation and food costs.
Atiku made the call on Friday during a press briefing in Abuja on fuel prices, palliatives and the rising cost of living. He said Nigerians had continued to bear the effects of petrol subsidy removal since May 2023 without adequate protection for households, workers, farmers and businesses.
The presidential candidate of the African Democratic Congress (ADC) in the 2027 general elections said higher petrol prices had increased transportation and logistics costs, with the effects spreading to food and other essential goods.
“When government makes energy expensive, it makes life expensive,” Atiku said, describing the impact of economic policies as a daily reality for millions of Nigerians.
The former vice president recalled that when he previously called for government intervention to reduce petrol prices, Tinubu dismissed the proposal as evidence of “serious ignorance” of governance and the economy.
Atiku questioned whether the Nigeria Labour Congress (NLC), petroleum marketers, manufacturers and other Nigerians who have raised concerns over rising costs could all be described as ignorant.
“When workers, producers, marketers and ordinary families are all raising the alarm, government must listen,” he said.
He argued that effective leadership required governments to acknowledge the consequences of their policies and make adjustments where necessary, noting that manufacturers were facing higher production costs while households were finding it increasingly difficult to afford basic goods.
According to Atiku, stronger GDP figures, increased government revenue and larger budgetary allocations do not necessarily reflect the economic reality facing ordinary Nigerians.
“If government receives more naira while the citizen’s naira buys less food, less fuel, less electricity and less transportation, then bigger government revenues mean little to the family struggling to survive,” he said.
Atiku urged Tinubu to use the remaining eight months of his administration to reduce the economic burden on Nigerians. He said the President should be willing to adopt any measure capable of lowering petrol prices, regardless of whether it originated from a political opponent.
“What matters to me is that Nigerians pay less,” he said. “A sensible idea does not become a bad idea because it came from your opponent.”
He also criticised the government’s reliance on palliatives to cushion the effects of economic hardship, arguing that temporary assistance could not substitute for policies aimed at addressing the underlying causes of rising costs.
“Palliatives manage pain. Good policy addresses the source of the pain,” Atiku said.
Warning Over Electricity Subsidy Removal
Atiku also warned against the planned phase-out of electricity subsidies from 2027, saying households, small businesses and manufacturers were already struggling with high electricity tariffs, diesel costs and expenses associated with alternative power sources.
He cautioned the government against repeating what he described as the experience of petrol subsidy removal in the electricity sector.
“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.”
The ADC presidential candidate offered to make his policy framework available to the Tinubu administration, saying Nigerians should not have to wait for a change of government before benefiting from measures capable of reducing economic pressure.
“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 rivalry to take precedence over the welfare of Nigerians.
“I am prepared to compete with you politically. But I will never compete with the welfare of the Nigerian people,” he said.
Atiku Proposes Production Subsidy for Locally Refined Petrol
Atiku also outlined his proposed approach to petrol pricing if elected president in 2027.
He said his administration would introduce a transparent production subsidy for petroleum products refined in Nigeria and sold to Nigerians, while imported products would be excluded from the programme.
Using government support for a Nigerian rice miller as an example, Atiku said reducing production costs could make locally produced goods more affordable, stimulate demand, create jobs and support local farmers.
“Our production subsidy will work the same way: government support must bring prices down,” he said.
According to Atiku, the proposed programme would operate within a fixed spending limit, require approval from the National Assembly and be subject to independent audits.
He said his broader economic objective would be to ensure that economic growth translated into increased production, employment, purchasing power and improved living standards.
“Nigerians do not live on statistics. They live on what their hard-earned money can buy,” Atiku said.
