Former Vice President and presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar, has urged President Bola Tinubu to use his remaining time in office to reduce petrol prices and ease the economic burden on Nigerians, warning that palliatives cannot substitute for sound economic policies.
Atiku made the call at a press briefing in Abuja on Thursday, September 17, in which he criticised the removal of petrol subsidy and proposed a transparent production subsidy for petroleum products refined in Nigeria.
He said the effects of rising energy costs had spread across transportation, agriculture, manufacturing and household consumption, leaving families struggling to afford necessities.
‘When government makes energy expensive, it makes life expensive,’ Atiku said, arguing that economic reforms should be judged by their impact on the purchasing power of citizens.
He recalled that President Tinubu had dismissed his earlier proposal for government intervention to reduce fuel prices as demonstrating ‘serious ignorance’ of governance and the economy.
Atiku said the subsequent hardship had raised questions about the government’s approach, urging the President to reconsider policies that had increased pressure on workers, farmers, businesses and households.
‘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 added that the President could adopt the proposal, rename it or take credit for it, provided Nigerians benefited from lower fuel prices.
Atiku also criticised the government’s reliance on palliatives, saying emergency assistance could not replace policies that address the underlying causes of hardship.
‘Palliatives manage pain. Good policy addresses the source of the pain,’ he said.
He warned against repeating the experience of petrol subsidy removal with electricity, amid concerns about the planned phase-out of electricity subsidies from 2027.
According to him, higher electricity costs would further affect small businesses, manufacturers and households already struggling with energy expenses.
‘The lesson of petrol must not be repeated with electricity. Do not remove first and think later,’ he said.
Atiku proposed a production subsidy for petroleum products refined in Nigeria and sold to Nigerians, saying the intervention would reduce domestic production costs and improve affordability.
He explained that only products confirmed to have been refined in Nigeria would qualify, while imported products would be excluded.
The proposal, he said, would have a fixed spending limit, National Assembly approval and independent audits.
Using a rice miller as an example, Atiku said government support for domestic production could lower prices for consumers, expand demand for locally produced goods and create jobs across the value chain.
He said the same principle should apply to petroleum products, with government intervention designed to benefit consumers while strengthening domestic production.
Atiku said he was prepared to provide the framework for the proposal to the Tinubu administration if it would help reduce the burden on Nigerians.
‘Nigerians do not have to wait for another administration before they benefit from an idea that can help them today,’ he said.
He also promised that, if elected president in 2027, his administration would introduce the production subsidy and pursue an economy where growth translates into greater purchasing power and improved living standards.
‘I am prepared to compete with you politically. But I will never compete with the welfare of the Nigerian people,’ Atiku said.
‘The presidency may be contested. The wellbeing of Nigerians should never be.’