Subsidy: Your reforms worsening hardship, Atiku lashes at Tinubu

Former Vice President Atiku Abubakar has criticized President Bola Tinubu's proposal to remove petrol subsidy, calling it economically ignorant. Atiku asserts that Tinubu's policies have worsened the cost-of-living crisis, despite increased government revenues. He argues that the current economic situation requires a reassessment of policies, rather than a return to the subsidy regime that preceded Tinubu's administration.

Atiku's plan involves a targeted, temporary production-support mechanism to increase domestic refining and protect consumers from excessive price shocks. The former vice president accuses Tinubu's administration of imposing a rigid approach to subsidy removal, causing sharp rises in petrol prices, transportation costs, and food prices while the naira depreciated significantly.

Atiku also challenges the Federal Government to explain the continuing petroleum under-recoveries and energy-security costs, totaling approximately ₦17.5tn, including ₦7.13tn in energy-security costs and ₦8.67tn. He argues that Nigerians are paying for the reforms through higher petrol prices and living expenses, while questions remain over the financial obligations associated with the petroleum sector.