Actor-turned-politician and spokesperson for the African Democratic Congress (ADC) presidential candidate, Kenneth Okonkwo, has faulted the Federal Government’s removal of petrol subsidy, insisting the policy has deepened economic hardship and rendered the naira “virtually useless” under President Bola Ahmed Tinubu’s administration.
Speaking on Channels Television’s Sunday Politics, Okonkwo argued that the subsidy removal was “ill-advised” and had failed to deliver promised benefits, despite government claims that the policy freed funds for development.
He highlighted the soaring cost of petrol, now around ₦1,300 per litre, noting that a motorist with a 100-litre tank requires about ₦130,000 to fill it.
“₦130,000 is almost two times the minimum wage of a Nigerian. A worker earning ₦70,000 can only afford half a tank. No rent, no food, no medical, nothing,” he lamented.
Okonkwo maintained that Atiku Abubakar’s proposed Fuel Affordability Plan (AFAP) would not reinstate the old subsidy regime but instead reduce refined petrol costs by supplying crude oil to local refineries at affordable rates.
“Atiku is not going back to subsidy. We now have local refineries working. Oil is our product; there is no basis for producing it here and still selling it at unaffordable prices,” he said.
The ADC chieftain further criticized the naira’s depreciation, comparing the former ₦30,000 minimum wage (worth about $60) to the current ₦70,000 minimum wage (worth about $50) at an exchange rate of ₦1,400 to the dollar.
“Naira has become useless in Tinubu’s government. This administration is destroying our currency and our economy,” he declared.
Okonkwo argued that Atiku’s plan would prioritize strengthening the purchasing power of Nigerians, focusing on the quality of the naira rather than its nominal quantity. He accused the Tinubu administration of worsening inflation, saying wage increases had not translated into real value for workers.
“Fifty percent of the ₦30,000 Nigerians earned before Tinubu came into office had greater value than the ₦70,000 he’s offering today,” he added.
He insisted that Atiku’s candidacy offers “institutional memory and experience” to manage Nigeria’s economy and security more effectively.
The subsidy removal, announced by President Tinubu during his May 2023 inauguration, marked a turning point in Nigeria’s fiscal policy, sparking immediate petrol price hikes and nationwide debate. While the government claims the policy saved ₦15.8 trillion between June 2023 and December 2025, critics like Okonkwo argue that the gains have been overshadowed by inflation and rising living costs.
