Former Vice President and ADC presidential candidate Atiku Abubakar has hit back at President Bola Tinubu over his criticism of Atiku’s proposal to introduce a new petrol subsidy model if elected in 2027.
Atiku, in a statement issued on Friday by his Senior Special Assistant on Public Communication, Phrank Shaibu, said the government should not mistake Nigerians’ ability to endure hardship for evidence that its economic reforms are successful.
He argued that subsidy removal, combined with exchange-rate reforms, had increased petrol prices and placed additional pressure on household expenses and businesses.
“The real ignorance is believing suffering is economic policy.”
Atiku Defends New Subsidy Proposal
Atiku clarified that his proposal was not a return to the previous open-ended subsidy regime.
He said his plan would involve a targeted, capped, budgeted and time-bound mechanism that would be independently audited and linked to domestic production, with safeguards against abuse.
“Economic prescriptions respond to prevailing conditions.”
The ADC candidate argued that economic policies must be reviewed when circumstances change, saying the conditions Nigerians face today are different from those that existed when the subsidy was removed.
‘What Exactly Did Tinubu Remove?’
Atiku also questioned the Federal Government’s claim that petrol subsidy had been completely eliminated, pointing to petroleum-related costs contained in the accounts of the Nigerian National Petroleum Company Limited.
He cited approximately ₦17.5 trillion in reported energy-security costs and petroleum under-recoveries, including about ₦7.13 trillion in energy-security costs and ₦8.67 trillion in under-recoveries.
“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. So what exactly did Tinubu remove?”
Atiku said Nigerians were bearing the impact of higher fuel prices while questions remained over other petroleum-related costs incurred by the government.
“He removed the relief but retained the opaque costs. Nigerians got the pain; government kept the bill.”
Atiku Questions Higher FAAC Allocations
The former vice-president also rejected the argument that increased Federation Account Allocation Committee (FAAC) disbursements prove that subsidy removal has strengthened the economy.
He said states should instead focus on developing productive economies, attracting investment and expanding internally generated revenue rather than becoming increasingly dependent on federal allocations.
Atiku maintained that economic reforms should ultimately be judged by their impact on citizens’ purchasing power and living standards.
