Former Vice-President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has renewed his call for a production-focused approach to Nigeria’s economic challenges, arguing that government intervention should be directed at increasing local output and reducing the cost of essential goods.
Atiku made the call while criticising the economic policies of President Bola Tinubu’s administration, which he accused of worsening the financial pressure on households and businesses.
In a statement issued on Sunday by his Senior Special Assistant on Public Communication, Phrank Shaibu, the former vice-president said his proposed Production Subsidy would support domestic production and refining, increase supply and ultimately help bring down prices for consumers.
According to Atiku, the policy would involve supporting strategic sectors while ensuring that the benefits of such intervention are reflected in the prices paid by Nigerians.
He argued that supporting production was different from policies that merely provide temporary relief, stressing that increasing domestic supply could help address some of the structural factors driving up the cost of living.
Atiku pointed to the challenges facing businesses, including rising operating costs, weaker consumer purchasing power and difficulties with restocking, as evidence of what he described as the broader impact of the economic crisis.
He cited the rising cost of fertiliser, petrol and cement, alongside the depreciation of the naira, as examples of the pressures confronting households and businesses.
The ADC presidential candidate also questioned the Federal Government’s opposition to his proposed Production Subsidy, arguing that targeted intervention in strategic industries should not automatically be considered poor economic policy.
He referenced calls from the Crude Oil Refinery Owners Association of Nigeria (CORAN) for greater support for local refining, while also pointing to policies supporting domestic production in other countries.
Atiku maintained that Nigeria should focus on producing more goods locally, expanding domestic refining capacity, creating jobs and reducing dependence on costly imports.
He further argued that economic reforms should ultimately translate into tangible improvements in the lives of ordinary citizens rather than being judged solely by official economic indicators.
“Nigeria must produce more, Nigerians must pay less, and families must have money left to live,” Atiku said.
