Former Vice President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has criticised President Bola Ahmed Tinubu over the administration’s economic reforms, arguing that the removal of petrol subsidy and foreign exchange reforms have worsened hardship for Nigerians.
Atiku made the criticism in a statement issued on Friday by his Senior Special Assistant on Public Communication, Phrank Shaibu, following Tinubu’s rejection of his proposal to reintroduce a form of petrol subsidy.
Atiku had earlier promised that, if elected president, he would restore fuel subsidy and ensure that those who allegedly benefited illegally from the scheme refund the money. Tinubu subsequently described the proposal as evidence of “serious ignorance” of governance and economic management.
Responding, Atiku said the “real ignorance” was believing that Nigerians’ suffering constituted economic policy. He argued that the removal of subsidy in May 2023, combined with foreign exchange liberalisation, contributed to increases in petrol prices, transportation costs and food prices, while the naira also depreciated significantly.
However, Atiku clarified that his proposal was not a return to the previous open-ended subsidy regime. He said he was proposing a targeted, capped, budgeted and time-bound production-support mechanism, subject to independent auditing and linked to increased domestic refining.
READ RELATED NEWS HERE:
Subsidy return could reopen fiscal pressure, Presidency tells Atiku
Wike hints at ‘largest rainbow coalition’ to back Tinubu in 2027
2027: Baba-Ahmed issues warning, predicts early Tinubu’s defeat
The former vice president also questioned the government’s claim that higher revenues and increased allocations to states demonstrate the success of the reforms. He argued that economic performance should ultimately be measured by the welfare and purchasing power of ordinary Nigerians.
Atiku further challenged the Federal Government over petroleum-sector under-recoveries and energy-security costs recorded in the accounts of the Nigerian National Petroleum Company Limited, demanding greater transparency over the figures.
The Tinubu administration, however, maintains that removing the fuel subsidy was necessary because the scheme had become financially unsustainable. Finance Minister Taiwo Oyedele recently said the reforms helped avert a potential economic collapse by improving public finances, strengthening foreign reserves and restoring investor confidence, although they have also intensified the short-term cost-of-living crisis.
The dispute comes as Nigeria’s 2027 presidential campaign season gathers momentum, with the economic impact of Tinubu’s reforms emerging as one of the major issues likely to shape the election.
