Atiku challenges Tinubu to make u-turn on subsidy removal, cut petrol prices

Former Vice President Atiku Abubakar has challenged President Bola Tinubu to take steps to reverse his policy on the removal of subsidy and cut petrol prices.

The former Vice President who addressed a press conference in Abuja on Friday argued that the removal of subsidy and other economic reforms have increased the burden on Nigerian households and businesses.

Addressing journalists, he alleged that Nigerians had continued to bear the effects of petrol subsidy removal since May 2023.

According to him, higher petrol prices have pushed up transportation and food costs while increasing the cost of moving farm produce, stocking shops and running businesses.

“When government makes energy expensive, it makes life expensive,” Atiku said.

He argued that the impact of economic reforms should be measured by their effect on Nigerians’ purchasing power, rather than only by increases in government revenue, allocations or GDP.

Atiku said manufacturers were struggling with rising production costs while families were finding it increasingly difficult to afford goods and services.

“The goods are there. The need is there. What is missing is the purchasing power,” he said.

The former vice president also revisited his earlier disagreement with Tinubu over petrol subsidy policy.

Atiku said when he previously advocated government intervention to reduce fuel costs, the President dismissed his position as demonstrating “serious ignorance” of governance and the economy.

He questioned whether the Nigeria Labour Congress, petroleum marketers, manufacturers and Nigerians who have raised concerns about rising fuel prices could similarly be described as ignorant.

“When workers, producers, marketers and ordinary families are all raising the alarm, government must listen,” he said.

Atiku said government should be willing to change course where economic policies were producing hardship, arguing that reforms should ultimately improve living standards and expand purchasing power.

He therefore challenged Tinubu to use the remaining period of his administration to provide relief by reducing the cost of petrol.

“Bola, I want you to use those 8 months to give Nigerians relief,” he said.

Atiku further told the President not to reject an intervention simply because it had first been proposed by a political opponent.

“Take the idea. Rename it if he wishes. And even take the credit,” he said, adding that the priority should be for Nigerians to pay less for petrol.

He also warned against repeating the experience of petrol subsidy removal with the planned changes to electricity subsidies, saying higher electricity costs could place additional pressure on households, manufacturers and businesses.

“The lesson of petrol must not be repeated with electricity,” Atiku said.