Subsidy: Atiku counters Tinubu, says Nigerians have endured ‘pain’

Atiku Abubakar, presidential candidate of the African Democratic Congress (ADC), has criticised President Bola Tinubu for linking the removal of petrol subsidy to economic progress.

Atiku was reacting to Tinubu’s recent criticism of his proposal to restore petrol subsidy if elected president in 2027.

The President had described the proposal as evidence of “serious ignorance on governance and economy.”

In a statement issued on Friday by his Senior Special Assistant on Public Communication, Phrank Shuaibu, Atiku said the government should not interpret Nigerians’ ability to cope with economic hardship as proof that its policies were successful.

Atiku said the government’s economic reforms had instead placed greater pressure on Nigerians through higher petrol prices, exchange-rate volatility and rising living costs.

“The real ignorance is believing suffering is economic policy. Tinubu removed the subsidy from Nigerians’ pockets, but he is yet to remove the questions from his books,” he said.

Atiku clarified that his proposal was not for a return to the previous open-ended subsidy arrangement.

He said his plan would involve a targeted and capped mechanism that would be budgeted, time-bound and independently audited, with support tied to domestic production and safeguards against abuse.

“Economic prescriptions respond to prevailing conditions. Only incompetence insists on yesterday’s prescription after today’s conditions have changed,” Atiku said.

The ADC candidate also questioned the government’s assertion that petrol subsidy had been completely eliminated, pointing to petroleum-related costs contained in the accounts of the Nigerian National Petroleum Company (NNPC) Limited.

“Tinubu told Nigerians subsidy was dead. Yet NNPC’s audited accounts reportedly contain approximately ₦17.5 trillion in energy-security costs and petroleum under-recoveries, including about ₦7.13 trillion classified as Energy Security and ₦8.67 trillion in under-recoveries. So what exactly did Tinubu remove?” Atiku asked.

He said Nigerians were bearing the impact of higher fuel prices while questions remained over other petroleum-related costs being incurred by government.

“Tinubu has given Nigerians the worst of both worlds: he removed the relief but retained the opaque costs. Nigerians got the pain; government kept the bill,” he said.

Atiku also rejected the argument that increased allocations from the Federation Account Allocation Committee (FAAC) were evidence that subsidy removal had strengthened the economy.

According to Atiku, states should focus on developing productive economies, attracting investment and expanding internally generated revenue rather than relying increasingly on federal allocations.

The former vice-president noted that economic policies should be reviewed when circumstances change, noting that the government must assess reforms based on their impact on citizens’ purchasing power and living standards.

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