Former Vice President Atiku Abubakar has told President Bola Tinubu to adopt his idea on how to reduce petrol prices, even if he has to rename it and take the credit.
Atiku said Nigerians have been suffering since fuel subsidy was removed over three years ago, adding that the effect has spread from fuel stations to transport, markets, businesses and household spending.
He spoke in an address on fuel price, palliatives and cost of living, and urged Tinubu to use the remaining eight months of his administration to reduce hardship instead of relying on palliatives.
“When government makes energy expensive, it makes life expensive. This is no longer an argument between economists. It is the daily reality of millions of Nigerians,” he said.
Atiku recalled that Tinubu had earlier dismissed his call for government intervention in fuel price as ignorance of governance and economy. He said events have now shown that Nigerians need relief, questioning whether workers, marketers, manufacturers and ordinary citizens demanding lower fuel price can all be called ignorant.
“When workers, producers, marketers and ordinary families are all raising the alarm, government must listen,” he said.
Atiku said leadership is about accepting when a policy is causing pain and having the courage to change.
“Leadership requires the humility to confront the consequences of policy and the courage to change course,” he noted.
He faulted government for celebrating GDP growth and higher revenue while Nigerians cannot afford basic things.
“Government celebrates GDP growth, higher revenues and bigger allocations. But Nigerians judge the economy by what their money can buy,” he said.
According to him, manufacturers are battling high production cost and consumers have lost purchasing power.
“The goods are there. The need is there. What is missing is the purchasing power,” Atiku said.
He asked Tinubu not to reject a good idea because it came from an opponent.
“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 should just take the idea. Rename it if he wishes, and even take the credit. What matters to me is that Nigerians pay less,” he said.
Atiku also criticised the use of palliatives as the main response to hardship, saying it cannot replace good policy.
“Do not make life unbearable and then distribute bags of rice as evidence of compassion. Palliatives manage pain. Good policy addresses the source of the pain,” he said.
On electricity, Atiku warned against removing electricity subsidy from 2027 as planned, saying households and businesses are already struggling with high power costs.
“The lesson of petrol must not be repeated with electricity. Do not remove first and think later. Do not impose the pain first and search for palliatives afterwards,” he said.
He offered to give his policy framework to the Tinubu administration if needed.
“Nigerians do not have to wait for another administration before they benefit from an idea that can help them today. If you need the framework, I will provide it. Implement it under your government. Give it whatever name you choose. Take the credit,” he added.
Atiku also said if elected President in 2027, he would introduce a transparent production subsidy for petroleum products refined in Nigeria and sold to Nigerians, with imported products excluded.
He said the scheme would have a spending cap, need National Assembly approval and be independently audited.
He compared it to supporting a local rice miller, where cheaper milling leads to cheaper rice, more demand for paddy, more business for farmers and jobs in processing and transport.
Atiku said government support should be linked to local production and lower prices for consumers. He said the success of reforms should be judged by how households are faring, not by government revenue.
“I am prepared to compete with you politically. But I will never compete with the welfare of the Nigerian people. The presidency may be contested. The wellbeing of Nigerians should never be,” he said.
He added that his economic plan would focus on expanding production, creating jobs and boosting purchasing power.
“Ultimately, Nigerians do not live on statistics. They live on what their hard-earned money can buy,” Atiku said.
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