Former Vice-President Atiku Abubakar has urged President Bola Tinubu to take urgent steps to reduce the cost of petrol and electricity, warning that escalating energy prices are placing an unbearable burden on Nigerians.
Atiku, the presidential candidate of the African Democratic Congress (ADC), made the call on Friday at a press conference in Abuja.
He asked Tinubu to devote the remaining eight months of his administration to policies capable of easing the pressure on households, workers and businesses.
According to him, the removal of petrol subsidy in May 2023 has had a far-reaching effect on the economy, pushing up the cost of transportation, food, logistics and energy.
“When petrol becomes expensive, transportation becomes expensive. When transportation becomes expensive, food becomes expensive,” he said.
Atiku said farmers, traders, workers and businesses had all been affected by the increase in energy and transportation costs, with households ultimately bearing the consequences.
“Farmers pay more to move produce. Traders pay more to stock their shops. Workers pay more to get to work. Businesses pay more for logistics and energy.
“In the end, the Nigerian family receives the bill. When government makes energy expensive, it makes life expensive,” he said.
The former vice-president said he had earlier proposed government intervention to reduce petrol prices, but claimed that Tinubu had rejected the idea and described it as showing “serious ignorance” of governance and the economy.
He argued that the concerns repeatedly raised by labour unions, petroleum marketers, manufacturers and households over the cost of living should prompt the Federal Government to reconsider its approach.
“When workers, producers, marketers and ordinary families are all raising the alarm, government must listen,” Atiku said.
He said effective leadership required the ability to recognise the consequences of public policies and make necessary adjustments.
“Leadership requires the humility to confront the consequences of policy and the courage to change course,” he said.
Atiku also appealed to Tinubu to consider any policy that could reduce petrol prices regardless of its political origin.
“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.”
Atiku rejects reliance on palliatives
The ADC presidential candidate also criticised the continued reliance on palliatives to address the effects of the cost-of-living crisis.
He said while emergency assistance could provide temporary relief, it could not replace policies designed to address the factors driving up the cost of living.
“And Nigerians do not need another elaborate palliative ceremony. Do not make life unbearable and then distribute bags of rice as evidence of compassion. Do not break a man’s legs, hand him crutches and demand applause for providing mobility,” he said.
“Palliatives manage pain. Good policy addresses the source of the pain,” Atiku added.
Turning to electricity, Atiku expressed concern over the Federal Government’s plan to phase out electricity subsidies from 2027.
He said the proposed policy could further strain households and businesses already struggling with high energy costs.
According to him, small businesses and manufacturers are spending significant amounts on electricity, diesel and other alternative sources of power to keep their operations running.
“The barber needs electricity for his clippers. The tailor needs it for her machines. The frozen-food seller needs it to preserve her stock,” he said.
“The welder needs it for his equipment. The manufacturer needs it to keep the factory alive.”
Atiku urged the Federal Government to learn from the consequences of the petrol subsidy removal before implementing changes to electricity subsidies.
“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. When energy becomes unaffordable, everything becomes unaffordable,” he said.
Despite their political rivalry, Atiku said he remained willing to support policies that would 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. The presidency may be contested. The wellbeing of Nigerians should never be,” he said.
Atiku said his economic agenda was focused on increasing production, creating jobs and improving the purchasing power and living standards of Nigerians.
“Nigerians do not live on statistics. They live on what their hard-earned money can buy,” he added.
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