Former Vice President Atiku Abubakar on Friday appealed to President Bola Tinubu to take urgent measures to reduce petrol prices, cautioning that Nigerians are already burdened by soaring energy, transportation, and food costs.
Speaking at a press briefing in Abuja on fuel prices, palliatives and the cost of living, Atiku said Nigerians had continued to bear the effects of the removal of the petrol subsidy since May 2023, without adequate protection for families, workers, farmers and businesses.
The presidential candidate of the African Democratic Congress (ADC) in the 2027 general elections said the impact of higher petrol prices had spread across the economy, with increased transportation and logistics costs pushing up the prices of food and other basic necessities.
“When government makes energy expensive, it makes life expensive,” Atiku said, describing the consequences 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 bring down petrol prices, Tinubu dismissed the proposal as showing “serious ignorance” of governance and the economy.
Atiku questioned whether the Nigeria Labour Congress (NLC), petroleum marketers, manufacturers and 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 further argued that leadership required the willingness to acknowledge the consequences of policies and change course where necessary, noting that manufacturers are facing rising production costs while families were finding it increasingly difficult to afford goods.
According to him, the focus on GDP growth, higher government revenues and bigger allocations does not adequately reflect the economic reality of 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 burden on Nigerians, insisting that the President should be willing to adopt any measure capable of lowering petrol prices, even if the idea 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 reliance on palliatives to cushion the effects of economic hardship, saying emergency assistance could not replace policies that address the underlying causes of rising costs.
“Palliatives manage pain. Good policy addresses the source of the pain,” Atiku said.
The ADC presidential candidate further warned against the planned phase-out of electricity subsidies from 2027, saying households, small businesses and manufacturers were already struggling with high electricity, diesel and alternative power costs.
He said the experience with petrol subsidy removal should not be repeated with electricity.
“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 offered to make his policy framework available to the Tinubu administration, saying Nigerians should not have to wait for another government before benefiting from measures capable of providing 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.”
He 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.
Production Subsidy For Petroleum
Atiku also outlined what he said would be his 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, with imported products excluded from the programme.
Using the example of government support for a Nigerian rice miller, Atiku said lowering production costs could make locally produced goods more affordable, increase demand, create jobs and benefit local farmers.
“Our production subsidy will work the same way: government support must bring prices down,” he said.
According to him, the proposed programme would have a fixed spending limit, National Assembly approval and independent audits.
Atiku said his broader economic objective was to ensure that economic growth translated into increased production, jobs, purchasing power and improved living standards.
“Nigerians do not live on statistics. They live on what their hard-earned money can buy,” he said.
