Former Vice President and African Democratic Congress (ADC) presidential candidate Atiku Abubakar has criticised President Bola Tinubu’s economic policies, accusing the administration of weakening Nigerians’ purchasing power and placing increasing pressure on households and businesses.
Atiku, through his Senior Special Assistant on Public Communication, Phrank Shaibu, argued that official economic indicators coming from the Federal Government do not reflect the reality facing Nigerians, many of whom are struggling with rising prices and shrinking incomes.
According to him, the removal of the petrol subsidy triggered sharp increases in the cost of fuel, transportation and food, while businesses have also faced rising operating expenses.
He further accused the Tinubu administration of opposing a proposed Production Subsidy that he said could reduce production costs, strengthen local industries and ultimately put more money in the hands of Nigerians.
Atiku also pointed to the position of the Crude Oil Refinery Owners Association of Nigeria (CORAN), which has advocated greater support for domestic refining. He said similar measures to strengthen petroleum production and refining in the United States under President Donald Trump showed that strategic government intervention could be used to protect domestic production.
“Tinubu did not inherit this cost-of-living crisis from Nigerians. His policies created and deepened it. He took away relief from the people, made fuel, food, transport, and basic survival more expensive, and now wants Nigerians to applaud statistics while their pockets are empty,” Atiku said.
He also cited reports indicating that a substantial portion of the short-term assets of some major Nigerian companies had become tied up in unpaid customer debts.
According to him, the development reflects the wider effect of declining consumer purchasing power, as businesses struggle to collect payments from customers who can no longer afford to spend as they once did.
Atiku illustrated the situation with the example of a frozen-food seller in Kubwa.
He said such a trader now has to spend more on transportation, electricity and restocking while customers, whose disposable income has fallen, purchase smaller quantities or request goods on credit.
The former vice president argued that the situation could eventually affect the entire supply chain, leaving traders unable to restock and suppliers waiting for outstanding payments.
He highlighted several price increases that he said demonstrate the scale of the economic pressure on households.
“Nigerians know the prices they meet every day. Fertilizer has moved from about ₦9,000 to around ₦50,000; petrol from about ₦199 to around ₦1,400 per litre; cement from roughly ₦4,000 to around ₦13,500; and the dollar from around ₦450 to about ₦1,400,” he said.
Atiku questioned what he described as the limited benefits ordinary Nigerians have received despite the economic reforms.
“And after all this pain, what has the ordinary Nigerian received? No reliable electricity. No loan for a degree. No security. No N-Power. Food is expensive. Transport is expensive. Life itself has become expensive. What exactly are Tinubu’s defenders defending?” he asked.
He maintained that his Production Subsidy proposal was intended to support local production and refining while ensuring that consumers benefit from increased supply and lower prices.
“This is why my Production Subsidy is about putting money back into people’s pockets. Support what we produce and refine here, increase supply, monitor the price, and make sure Nigerians feel the benefit at the pump,” Atiku said.
He further argued that the government’s willingness to provide incentives, waivers and concessions to major oil companies and other businesses should not prevent similar intervention when the intended beneficiaries are ordinary Nigerians.
“CORAN is saying support domestic production. America understands the importance of supporting strategic energy production. Yet Tinubu attacks relief for ordinary Nigerians while his government understands perfectly well how to grant waivers, incentives, and concessions to multinational oil companies and businesses close to his administration.
“So why does intervention suddenly become bad economics when ordinary Nigerians are meant to benefit?”
Atiku said the consequences of the current economic environment were already evident in the daily lives of Nigerians, citing higher fuel, food and transportation costs alongside growing pressure on businesses.
He called for policies focused on increasing domestic production, expanding refining capacity, creating jobs and reducing the cost of living.
“The choice before Nigeria is therefore clear: continue with an economy that takes more from the people, or build one that puts money back in their pockets. Support production. Refine in Nigeria. Create Nigerian jobs. Lower the cost of living,” he said.
He urged Nigerians to reject policies he believes have made living conditions more difficult and support an economic approach that prioritises affordability and stronger household incomes.
“Nigerians must reject a government that has made life harder and embrace a plan that makes life affordable again.
“Enough of empty pockets. Enough of endless hardship. Nigeria must produce more, Nigerians must pay less, and families must have money left to live.”
