By Opeyemi Adelakun
Presidential candidate of the African Democratic Congress, ADC, Atiku Abubakar, has launched a fresh attack on President Bola Tinubu’s economic policies, arguing that rising prices of essential commodities have worsened the financial pressure on Nigerian households.
Atiku said the sharp increase in the prices of petrol, fertiliser and cement, alongside the depreciation of the naira, demonstrated the impact of policies implemented by the Tinubu administration.
In a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku said fertiliser had risen from about N9,000 to N50,000, while petrol increased from approximately N199 to N1,400 per litre.
He also cited an increase in cement prices from about N4,000 to N13,500 and the movement of the naira-dollar exchange rate from roughly N450 to N1,400.
According to Atiku, the increases have translated into higher transportation, food and business costs for Nigerians.
Atiku blames subsidy removal for rising costs
The former vice-president argued that the removal of the petrol subsidy had contributed to higher operating costs across the economy.
He also criticised Tinubu’s opposition to his proposal for a production subsidy, which he said would focus on increasing domestic production rather than simply supporting consumption.
“Tinubu did not inherit this cost-of-living crisis from Nigerians. His policies created and deepened it,” Atiku said.
He added that the government had “took away relief from the people, made fuel, food, transport and basic survival more expensive” while urging Nigerians to look beyond economic statistics to the realities in their pockets.
Atiku argued that increased domestic production and refining could help reduce prices and improve supply.
Cites CORAN, Trump’s energy policy
In defending his proposal, Atiku referenced the Crude Oil Refinery Owners Association of Nigeria, CORAN, which he said had advocated greater support for domestic refining.
He also pointed to policies associated with US President Donald Trump aimed at strengthening petroleum production and refining in the United States.
Atiku maintained that Nigeria could similarly use targeted support to encourage local production while ensuring that consumers ultimately benefit through lower prices.
He proposed monitoring prices to prevent businesses receiving government support from retaining the benefits instead of passing them on to consumers.
Businesses struggle as customers cut spending
The ADC candidate also drew attention to what he described as growing pressure on businesses and consumers.
He cited reports that significant portions of the short-term assets of some major Nigerian companies were tied up in unpaid customer bills, arguing that this could indicate weakening purchasing power.
Atiku illustrated his point with the example of a frozen-food seller in Kubwa, Abuja, who he said was facing increased transportation, electricity and restocking expenses while customers were buying less or requesting goods on credit.
He warned that prolonged pressure could create a chain of unpaid obligations involving consumers, retailers and suppliers.
‘Life itself has become expensive’
Atiku further criticised what he described as inadequate improvements in electricity supply, security and employment, alongside increasing food and transportation costs.
“And after all this pain, what has the ordinary Nigerian received? No reliable electricity. 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 also alleged that the Federal Government had provided waivers, incentives and concessions to multinational oil companies and other businesses, questioning why similar support could not be directed towards measures designed to reduce the burden on ordinary Nigerians.
Atiku urged Nigerians to support an alternative economic programme focused on increasing domestic production and reducing consumer prices.
“Enough of empty pockets. Enough of endless hardships. Nigeria must produce more, Nigerians must pay less, and families must have money left to live. Tinubu made life expensive. Atiku will make life affordable again,” he said.
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