Atiku fires back at Tinubu over ‘ignorant’ fuel subsidy comment

Former Vice President Atiku Abubakar has defended his proposal for intervention in Nigeria's petroleum sector against President Bola Tinubu's claims of economic ignorance. Atiku criticized the removal of petrol subsidies, stating it worsened the cost-of-living crisis and increased government revenues. He argued that Tinubu failed to remove the questions from his economic books and that his proposal was not a return to the previous subsidy regime but a temporary, targeted mechanism to increase domestic refining and protect consumers from price shocks.

Atiku emphasized that economic policies must respond to current conditions, and the removal of the subsidy had triggered a chain reaction across the economy, causing prices to rise sharply while the naira depreciated significantly. He questioned the continuation of petroleum under-recoveries and energy-security costs, totaling approximately ₦17.5tn, and accused the administration of hiding financial obligations.

Atiku criticized the Federal Government's claim that increased allocations from the Federation Account prove economic success, arguing that it only encourages dependence on federal transfers and discourages productive capacity development. He demanded an explanation for the ₦30tn in Federation Account revenues, deductions, and transfers, emphasizing that economic reform should prioritize serving citizens rather than enriching government officials.