Former Vice President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has urged President Bola Tinubu to take immediate steps to reduce the cost of petrol, warning that Nigerians could face deeper economic hardship if electricity subsidies are phased out in 2027.
Atiku made the call on Friday in Abuja while speaking on the rising cost of living and the impact of government economic policies on households and businesses.
He argued that the effects of the petrol subsidy removal introduced in May 2023 had spread across the economy, with higher fuel prices contributing to increased transportation, food, production and logistics costs.
According to him, the economic pressure is particularly severe for workers, farmers, manufacturers, traders and small businesses whose operating costs have continued to rise.
Atiku said the government should focus less on distributing palliatives and more on policies capable of addressing the underlying causes of rising living costs.
Palliatives manage pain. Good policy addresses the source of the pain,” he said.
The former vice president also challenged the administration to consider policy proposals from outside government, saying political differences should not prevent the adoption of measures that could provide relief to Nigerians.
He recalled that his earlier proposal for government intervention to reduce petrol prices had been criticised by Tinubu, but said subsequent concerns raised by labour groups, businesses, fuel marketers and citizens demonstrated the need for renewed attention to the issue.
On electricity, Atiku warned that a planned reduction or removal of government support from 2027 could place additional pressure on households and businesses already struggling with high energy costs.
He cited businesses such as barbershops, tailoring outlets, frozen-food stores, welding workshops and manufacturing companies as examples of enterprises heavily affected by energy expenses.
Atiku further outlined a proposed petroleum production subsidy that he said he would introduce if elected president in 2027. Under the framework, government support would apply only to petroleum products refined locally and sold to Nigerians, while imported products would not qualify.
He said the proposed scheme would operate with spending limits, National Assembly approval and independent audits to promote transparency.
Atiku also offered to provide the current administration with his policy framework if it could help reduce petrol prices before the next administration takes office.
I am prepared to compete with you politically. But I will never compete with the welfare of the Nigerian people,” he said.
