Former Vice President Atiku Abubakar has rejected President Bola Tinubu’s description of his proposed intervention in Nigeria’s petroleum sector as economically ignorant, accusing the administration of worsening the cost-of-living crisis while celebrating increased government revenues.
Atiku, in a statement issued on his behalf by his Senior Special Assistant on Public Communication, Phrank Shaibu, on Friday, said the President was in no position to lecture Nigerians on economic management after the removal of petrol subsidy, the liberalisation of the foreign exchange market and the subsequent rise in inflation, transport costs and household expenses.
“The real ignorance is believing suffering is economic policy. Tinubu removed the subsidy from Nigerians’ pockets, but he is yet to remove the questions from his books,” he said.
The former vice president said his proposal was not a return to the subsidy regime that preceded the Tinubu administration, but a targeted and temporary production-support mechanism designed to increase domestic refining and protect consumers from excessive price shocks.
He said the economic circumstances confronting Nigerians had changed substantially since Tinubu announced the removal of petrol subsidy in May 2023, making it necessary to reassess existing policy prescriptions.
