Let Nigerians breathe’, Atiku asks Tinubu to cut petrol price

‘Let Nigerians breathe’, Atiku asks Tinubu to cut petrol price

….cautions Tinubu against electricity subsidy removal —

Former Vice President Atiku Abubakar has urged President Bola Tinubu to take urgent steps to reduce petrol prices and ease the rising cost of living confronting Nigerians.

Mr Atiku made the call in a nationwide address on fuel prices, palliatives and the cost of living, in which he criticised the Tinubu administration’s handling of the removal of petrol subsidy.

tiamin rice
According to him, Nigerians had borne the consequences of the policy since May 29, 2023, without adequate protection for families, workers, farmers and businesses.

He said the impact of higher petrol prices had spread across the economy, driving up transportation, food, logistics and production costs.

“When petrol becomes expensive, transportation becomes expensive. When transportation becomes expensive, food becomes expensive,” Mr Atiku said.

He added that farmers were paying more to transport their produce, traders were spending more to stock their businesses, while workers were paying more to commute.

“In the end, the Nigerian family receives the bill,” he said.

Mr Atiku said the impact of the policy should be measured by its effect on household purchasing power rather than government revenues or headline economic growth figures.

“Government celebrates GDP growth, higher revenues and bigger allocations. But Nigerians judge the economy by what their money can buy,” he said.

The former vice president said an increase in government revenue would have limited meaning for families if inflation and other costs continued to erode the value of their income.

“Economic growth must enter the home. It must enter the market basket. It must show up in the purchasing power of the worker,” he said.

‘Tinubu should take my idea’

Mr Atiku recalled that he had previously called for a review of the government’s approach to petrol subsidy removal and advocated what he described as responsible intervention to reduce fuel prices.

He said Mr Tinubu had dismissed his proposal at the time as demonstrating “serious ignorance” of governance and the economy.

However, Mr Atiku said subsequent developments had raised questions about whether workers, manufacturers, petroleum marketers and other Nigerians making similar calls could also be described as ignorant.

He cited calls by the Nigeria Labour Congress for measures to cushion workers against rising fuel prices, as well as appeals by petroleum marketers for policies that would strengthen domestic refining.

Mr Atiku also referenced concerns by manufacturers over rising energy and production costs.

“When workers, producers, marketers and ordinary families are all raising the alarm, government must listen,” he said.

He urged Tinubu to use the remaining period of his administration to introduce measures capable of reducing the cost of petrol.

“Bola Tinubu should not be ashamed to do what is necessary to lower the price of petrol simply because Atiku Abubakar proposed a government intervention,” he said.

“He should just take the idea. Rename it if he wishes. And even take the credit.

“What matters to me is that Nigerians pay less.”

‘Palliatives cannot replace sound policy’

Mr Atiku also criticised what he described as excessive reliance on palliatives to cushion the impact of economic policies.

He said emergency assistance had a role during periods of hardship but could not permanently address the structural causes of rising living costs.

“Do not make life unbearable and then distribute bags of rice as evidence of compassion,” he said.

According to him, palliatives could manage the immediate effects of hardship but could not substitute for policies that reduce the cost of production and improve household purchasing power.

“Palliatives manage pain. Good policy addresses the source of the pain,” he said.

Mr Atiku said rising transportation and energy costs were already affecting manufacturers and small businesses, with unsold goods reportedly accumulating in warehouses as consumers struggled with declining purchasing power.

He argued that the presence of goods in the market would not translate into improved living standards if Nigerians could not afford them.

“The goods are there. The need is there. What is missing is the purchasing power,” he said.

Mr Atiku warns against electricity subsidy removal

The former vice president also raised concerns over plans to phase out electricity subsidies from 2027.

He said electricity was already expensive for households and businesses, adding that further increases could place additional pressure on small businesses and manufacturers.

“The barber needs electricity for his clippers. The tailor needs it for her machines. The frozen-food seller needs it to preserve her stock.

“The welder needs it for his equipment. The manufacturer needs it to keep the factory alive,” he said.

Mr Atiku urged the government to learn from the consequences of the petrol subsidy removal before making further changes to electricity pricing.

“The lesson of petrol must not be repeated with electricity,” he said.

“Do not remove first and think later. Do not impose the pain first and search for palliatives afterwards.”

Atiku offers policy framework

Mr Atiku said he was prepared to provide the Tinubu administration with policy ideas and technical input aimed at reducing the burden on Nigerians, despite their political differences.

“If you need the framework, I will provide it. Implement it under your government. Give it whatever name you choose. Take the credit,” he said.

“I ask for only one thing: Let Nigerians breathe.”

He said his political disagreement with Tinubu should not prevent him from supporting policies that could improve the welfare of Nigerians.

“I am prepared to compete with you politically. But I will never compete with the welfare of the Nigerian people,” he said.

“The presidency may be contested. The wellbeing of Nigerians should never be.”

Atiku proposes production subsidy

Atiku also outlined what he said would be his administration’s approach to petrol pricing if he wins the 2027 presidential election.

He said he would introduce, from May 29, 2027, what he described as a transparent production subsidy for petroleum products refined in Nigeria and sold to Nigerians.

According to him, the proposed scheme would support domestic production and reduce prices while encouraging investment in Nigerian industries.

He illustrated the proposal with the example of a rice miller who receives government support to reduce milling costs, enabling cheaper rice prices while creating additional demand for locally produced paddy and labour.

“Our production subsidy will work the same way: government support must bring prices down,” he said.

Mr Atiku said only petroleum products confirmed to have been refined in Nigeria would qualify under the proposed scheme, while imported products would be excluded.

He also proposed that the programme should have a fixed spending limit, receive National Assembly approval and be subjected to independent audits.

Mr Atiku urged Tinubu to use what he described as every responsible instrument available during the remaining months of his administration to reduce the cost of living.

He said his broader economic objective would be to ensure that economic growth translates into increased production, employment and purchasing power.

“Nigerians do not live on statistics. They live on what their hard-earned money can buy,” he said.