Atiku To Tinubu: Cut Fuel Price, Give Nigerians Relief

Former vice president and presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar, has called on President Bola Tinubu to urgently reduce the price of petrol and take steps to ease the economic hardship being experienced by Nigerians.

Atiku, in an address to Nigerians yesterday, urged the president to use the remaining months of his administration to provide relief to families, workers, farmers and businesses struggling with the effects of rising energy and transportation costs.

He also criticised the government’s reliance on palliatives to cushion the impact of economic reforms, arguing that such interventions could not substitute for policies capable of addressing the underlying causes of hardship.

Atiku said the removal of petrol subsidy from May 29, 2023, had affected virtually every sector of the economy, with the impact moving from filling stations to transportation, markets, businesses and households.

“When petrol becomes expensive, transportation becomes expensive. When transportation becomes expensive, food becomes expensive. Farmers pay more to move produce. Traders pay more to stock their shops. Workers pay more to get to work. Businesses pay more for logistics and energy,” he said.

According to him, Nigerians are ultimately bearing the cost of rising energy prices through higher transportation fares, food prices and production costs.

He said economic performance should not be judged only by GDP growth, government revenue or allocations, but also by what Nigerians could afford with their incomes.

“Economic growth must enter the home. It must enter the market basket. It must show up in the purchasing power of the worker,” he said.

Atiku recalled that when he previously proposed government intervention to reduce the cost of petrol, Tinubu had dismissed the suggestion as demonstrating “serious ignorance” of governance and the economy.

He, however, said subsequent developments had shown that workers, manufacturers, petroleum marketers and ordinary Nigerians were all demanding measures to reduce the cost of energy.

The ADC presidential candidate therefore urged Tinubu not to reject a policy proposal simply because it came from a political opponent.

“Bola Tinubu should not be ashamed to do what is necessary to lower the price of petrol simply because Atiku Abubakar proposed a government intervention,” he said.

“He should just take the idea. Rename it if he wishes. And even take the credit. What matters to me is that Nigerians pay less.”

Atiku also warned against relying on palliatives as the primary response to economic hardship, saying emergency assistance could only provide temporary relief.

“Palliatives manage pain. Good policy addresses the source of the pain,” he said.

He further raised concerns over the proposed phasing out of electricity subsidies from 2027, warning that increased electricity costs could put additional pressure on households, small businesses and manufacturers.

He urged the federal government not to repeat what he described as the experience of petrol subsidy removal by increasing electricity costs before putting adequate measures in place to protect consumers.

“Do not remove first and think later. Do not impose the pain first and search for palliatives afterwards,” Atiku said.

He offered to make his policy framework available to the Tinubu administration if it would help reduce the cost of living, saying the president could implement the proposal under his administration and take credit for it.

Atiku said that if elected president in 2027, he would introduce what he described as a transparent production subsidy for petroleum products refined in Nigeria and sold to Nigerians.

He said only petroleum products confirmed to have been refined locally would qualify for the proposed intervention, while imported products would be excluded.

According to him, the programme would have a fixed spending limit, require approval by the National Assembly and be subjected to independent audits.

Atiku said the objective was to reduce the cost of locally refined petroleum products while supporting domestic production, employment and economic activity.

He urged Tinubu to use the remaining period of his administration to reduce the burden on Nigerians.

“I ask for only one thing: Let Nigerians breathe,” he said.