The African Democratic Congress, ADC, presidential candidate, Atiku Abubakar, has accused President Bola Tinubu of wrecking Nigerians’ purchasing power, emptying household pockets and pushing businesses to the brink through his economic policies.
In a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku said Tinubu can no longer hide behind impressive economic figures announced from Abuja when Nigerians are living with the painful consequences of his decisions.
He said Tinubu removed fuel subsidy from the people, presided over soaring fuel, transport and food costs, and is now attacking a production subsidy proposal designed to reduce that burden and return money to Nigerians’ pockets.
Atiku said the position being canvassed by the Crude Oil Refinery Owners Association of Nigeria, CORAN, for support for domestic refining, alongside President Donald Trump’s intervention to strengthen petroleum production and refining in the United States, further exposes the weakness of Tinubu’s argument against targeted support for Nigerian production.
He said: “Tinubu did not inherit this cost-of-living crisis from Nigerians. His policies created and deepened it. He took away relief from the people, made fuel, food, transport and basic survival more expensive, and now wants Nigerians to applaud statistics while their pockets are empty.
“Recent reports that a significant share of the short-term assets of some of Nigeria’s biggest companies is now trapped in unpaid customer bills tell the same story: companies may record sales, but customers increasingly cannot pay because Tinubu’s economy has drained their purchasing power.
“Take a woman selling frozen food in Kubwa. She pays more to transport her goods, more to power her freezer and more to restock. Her customers are poorer, so they buy less or ask for credit. Soon she cannot restock, her supplier is owed, and Tinubu’s economic pain spreads through the entire chain.
“Nigerians know the prices they meet every day. Fertiliser has moved from about N9,000 to around N50,000; petrol from about N199 to around N1,400 per litre; cement from roughly N4,000 to around N13,500; and the dollar from around N450 to about N1,400.
“And after all this pain, what has the ordinary Nigerian received? No reliable electricity. Loan for a degree. No security. No N-Power. Food is expensive. Transport is expensive. Life itself has become expensive. What exactly are Tinubu’s defenders defending?
“This is why my Production Subsidy is about putting money back into people’s pockets. Support what we produce and refine here, increase supply, monitor the price and make sure Nigerians feel the benefit at the pump.
“CORAN is saying support domestic production. America understands the importance of supporting strategic energy production. Yet Tinubu attacks relief for ordinary Nigerians while his government understands perfectly well how to grant waivers, incentives and concessions to multinational oil companies and businesses close to his administration.
“So why does intervention suddenly become bad economics when ordinary Nigerians are meant to benefit?”
Tinubu’s economic policies caused Nigeria’s cost-of-living crisis – Atiku
