Subsidy: Your reforms worsening hardship, Atiku lashes at Tinubu

Former Vice President Atiku Abubakar has strongly criticized President Bola Tinubu's economic policies, asserting that the administration's reforms have exacerbated the cost-of-living crisis for Nigerians, even as government revenues have reportedly increased. Abubakar, through his Senior Special Assistant on Public Communication, Phrank Shaibu, rejected Tinubu's characterization of his proposal to reinstate the fuel subsidy as economically ignorant. He argued that the President is ill-positioned to lecture on economic management, citing the removal of the petrol subsidy, the liberalization of the foreign exchange market, and the subsequent surge in inflation, transport costs, and household expenses. "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," Abubakar stated. Defending his proposal, Abubakar clarified that it is not a return to the previous subsidy regime but a targeted, temporary production-support mechanism. This mechanism aims to boost domestic refining capacity and shield consumers from extreme price volatility. He emphasized that the economic conditions have changed significantly since the subsidy removal in May 2023, necessitating a reassessment of policy. "Economic prescriptions respond to prevailing conditions. But other things are no longer equal in Tinubu’s Nigeria," he added. Abubakar accused the Tinubu administration of adopting a rigid stance on subsidy removal, despite the severe economic repercussions. He contrasted this with his own approach, stating, "Tinubu pronounced first and searched for a plan afterwards. Atiku studied the consequences and produced a solution." The African Democratic Congress presidential candidate also urged the Federal Government to provide explanations for the continuing petroleum under-recoveries and energy-security costs.

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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.