Follow Us on Google
Former Vice President Atiku Abubakar has urged President Bola Tinubu to take immediate steps to reduce the cost of petrol, saying Nigerians are struggling with the combined impact of high energy, transportation and food prices.
Atiku made the call on Friday in Abuja during a press briefing on fuel prices, palliatives and the rising cost of living. His comments came amid renewed concerns over the effect of higher petrol prices on households and businesses.
The African Democratic Congress (ADC) presidential candidate said the removal of petrol subsidy in May 2023 had placed additional pressure on families, workers, farmers and businesses.
He said the effect of higher petrol prices was not limited to motorists, as increased transportation and logistics costs had also pushed up the prices of food and other essential goods.
“When government makes energy expensive, it makes life expensive,” Atiku said.
The former vice president recalled that he had previously called for government intervention to reduce petrol prices, but said Tinubu had dismissed the proposal as showing “serious ignorance” of governance and the economy.
Atiku questioned whether the Nigeria Labour Congress (NLC), petroleum marketers, manufacturers and ordinary Nigerians who had raised concerns about 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 said the government should be prepared to review its policies when their consequences become difficult for citizens to bear, adding that rising production costs were putting further pressure on manufacturers while families were finding it harder to afford basic goods.
Atiku also argued that government revenue and GDP figures did 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.
The ADC candidate urged Tinubu to use the remaining eight months of his first term to reduce the burden on Nigerians and consider any measure capable of lowering petrol prices, even if the proposal came from a political opponent.
“What matters to me is that Nigerians pay less,” Atiku said. “A sensible idea does not become a bad idea because it came from your opponent.”
He also offered to make his policy framework available to the Tinubu administration, saying Nigerians should not have to wait for a new government before benefiting from policies that could provide relief.
“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 also criticised the government’s reliance on palliatives to cushion the effects of economic hardship, arguing that emergency assistance should not replace policies that tackle the underlying causes of rising costs.
“Palliatives manage pain. Good policy addresses the source of the pain,” he said.
The former vice president further warned against the planned phase-out of electricity subsidies from 2027, saying households, small businesses and manufacturers were already struggling with electricity, diesel and other alternative power costs.
He urged the government to learn from the experience of petrol subsidy removal before making similar changes in the electricity sector.
“The lesson of petrol must not be repeated with electricity,” Atiku said.
“Do not remove first and think later. Do not impose the pain first and search for palliatives afterwards.”
Atiku said he was prepared to contest Tinubu politically but would not allow their political differences 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 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 scheme.
Using the example of a Nigerian rice miller, Atiku said reducing production costs could make locally produced goods more affordable, increase demand and create opportunities for farmers, processors and other businesses.
“Our production subsidy will work the same way: government support must bring prices down,” he said.
According to Atiku, the proposed programme would have a fixed spending limit, require National Assembly approval and be subject to independent audits.
He said his broader economic goal was to ensure that economic growth translated into more production, jobs, stronger purchasing power and improved living standards.
“Nigerians do not live on statistics. They live on what their hard-earned money can buy,” Atiku said.
