…calls for support for local refiners
Former Vice President and African Democratic Congress (ADC) chieftain, Atiku Abubakar, has accused President Bola Tinubu of eroding Nigerians’ purchasing power, depleting household incomes, and driving businesses to the brink of collapse through his economic policies.
In a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku asserted that President Tinubu can no longer shield himself behind flattering macroeconomic indicators released from Abuja while citizens endure the harsh realities of his decisions.
Atiku pointed out that the administration ended the petrol subsidy, presided over skyrocketing transport, fuel, and food costs, and is now dismissing a targeted production subsidy proposal crafted to alleviate the burden and restore disposable income to ordinary citizens.
He further noted that the Crude Oil Refinery Owners Association of Nigeria (CORAN) has consistently advocated for domestic refining support.
He argued that this position alongside measures taken by United States President Donald Trump to bolster American energy production and refining underscores the flaws in the Tinubu administration’s resistance to supporting indigenous output.
Atiku stated, “Tinubu did not inherit this cost-of-living crisis; his policies created and exacerbated it. He stripped away relief, drove up the costs of fuel, food, transportation, and basic survival, and now expects Nigerians to applaud abstract statistics while their pockets remain empty.”
“Recent disclosures showing that a significant share of short-term assets among Nigeria’s largest corporations is trapped in unpaid trade debts illustrate this reality: companies post sales on paper, but customers cannot settle bills because the current economy has depleted their purchasing power.”
“Consider a frozen food vendor in Kubwa. She faces higher transport fares, steeper electricity costs to keep her freezers running, and inflated restocking prices. Her customers, impoverished by inflation, buy less or purchase on credit. Inevitably, cash flow dries up, suppliers remain unpaid, and the economic strain cascades down the entire supply chain.”
Highlighting specific commodity price surges, Atiku noted feertilizer prices have risen from approximately ₦9,000 to nearly ₦50,000. He also noted that petrol prices have jumped from about ₦199 to around ₦1,400 per litre.
“After enduring all this hardship, what has the ordinary citizen gained?”
“There is still no reliable electricity, student loans are burdened with debt, security challenges persist, and social safety nets like N-Power have stalled. Food, mobility, and basic living have all become exorbitant. What, precisely, are administration spokespersons defending?”
“This is why our proposed production subsidy is designed to put money back into people’s hands. By supporting what is produced and refined locally, boosting supply, and regulating consumer prices, Nigerians will see tangible relief at the pumps.”
“CORAN is calling for domestic capacity support. Major economies like the United States recognise the necessity of safeguarding strategic energy sectors. Yet, the current administration opposes relief for ordinary citizens while freely offering tax waivers, incentives, and concessions to multinationals and politically connected conglomerates.”
“Why does government intervention suddenly become ‘bad economics’ only when the masses stand to benefit?,” Atiku questioned.