122
By Tracy Moses
Former Vice President Atiku Abubakar has urged President Bola Tinubu to focus on policies capable of restoring Nigerians’ purchasing power, arguing that palliatives such as food distribution and cash transfers cannot provide a lasting solution to the country’s economic hardship.
Atiku made the call on Friday in Abuja during a national address on fuel prices, palliatives and the rising cost of living.
He challenged the Federal Government to take measures that would reduce the financial burden on households, workers, farmers and businesses.
He urged the administration to use what its remaining eight months in office to deliver tangible relief to Nigerians, rather than rely on emergency interventions to cushion the effects of policies that have increased the cost of living.
According to Atiku, the removal of the petrol subsidy on May 29, 2023, has had consequences beyond the pump price of petrol, affecting transportation, food prices, agricultural production, business operations and household incomes.
“When petrol becomes expensive, transportation becomes expensive. When transportation becomes expensive, food becomes expensive,” he said.
Atiku said farmers now spend more to transport their produce, traders incur higher costs restocking their businesses, while workers spend more commuting to their workplaces.
Businesses, he added, are also facing increased logistics and energy costs, with the additional expenses ultimately passed on to consumers.
“In the end, the Nigerian family receives the bill,” Atiku said, stressing that “when government makes energy expensive, it makes life expensive.”
He argued that the impact of economic policies should be measured not only by government revenues or headline growth figures, but also by the ability of ordinary Nigerians to afford basic necessities.
“Government celebrates GDP growth, higher revenues and bigger allocations. But Nigerians judge the economy by what their money can buy,” he said.
“If government receives more naira while the citizen’s naira buys less food, less fuel, less electricity and less transportation, then bigger government revenues mean little to the family struggling to survive.”
Atiku said economic growth would have greater meaning when it translated into stronger purchasing power, increased production, employment opportunities and improved living standards.
He urged Tinubu to reconsider his approach to petrol pricing and adopt measures capable of reducing pressure on consumers.
Atiku recalled that when he previously advocated government intervention to moderate petrol prices, Tinubu dismissed the proposal as evidence of “serious ignorance” of governance and the economy.
He challenged the President to reconsider that position in view of concerns raised by organised labour, petroleum marketers, manufacturers and millions of Nigerians over the rising cost of living.
“My dear Bola, events since then have raised a simple question,” he said.
He asked: “Is the Nigeria Labour Congress also ignorant when it calls for urgent intervention to cushion workers from rising petrol prices?
“Are petroleum marketers ignorant when they call for policies that strengthen domestic refining and help moderate pump prices?
“Are Nigerian manufacturers ignorant when they warn that power-related expenses now consume more than half of operating costs?
“And are the millions of Nigerians crying out because they can no longer afford transportation, food and other basic necessities also ignorant?”
Atiku said the government should listen to those directly affected by its economic policies, stressing that leadership required the willingness to acknowledge when policies were producing unintended consequences.
He also appealed to Tinubu to adopt his proposal on fuel intervention 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.”
According to Atiku, political differences should not prevent the government from implementing policies that could improve the welfare of Nigerians.
“A sensible idea does not become a bad idea because it came from your opponent,” he said.
The former vice president also criticised the Federal Government’s reliance on palliatives, saying such interventions could provide temporary relief but could not resolve the structural causes of economic hardship.
“Do not make life unbearable and then distribute bags of rice as evidence of compassion,” Atiku said.
“Do not break a man’s legs, hand him crutches and demand applause for providing mobility.”
He added: “A bag of rice cannot repair an economy in which transportation costs outrun salaries.
“A cash transfer cannot permanently compensate a worker whose income is continuously eroded by energy costs.
“Palliatives manage pain. Good policy addresses the source of the pain.”
Atiku further warned against repeating what he described as the mistakes associated with petrol subsidy removal as electricity subsidies are phased out.
He said rising electricity costs would have consequences for households, artisans, small businesses and manufacturers, many of whom depend on electricity and alternative sources of power to operate.
“The barber needs electricity for his clippers. The tailor needs it for her machines. The frozen-food seller needs it to preserve her stock. The welder needs it for his equipment. The manufacturer needs it to keep the factory alive,” he said.
“The lesson of petrol must not be repeated with electricity.”
He urged the administration to avoid imposing additional economic pressure on Nigerians before seeking ways to mitigate the consequences.
“Do not remove first and think later. Do not impose the pain first and search for palliatives afterwards,” he said.
Atiku said the remaining months of Tinubu’s administration could still make a significant difference to Nigerians despite the relatively short period.
“Eight months may sound short inside Aso Rock. But eight months is a very long time when you are living from hand to mouth,” he said.
He also offered to provide the administration with a framework and technical input on measures that could reduce the economic burden on Nigerians.
“If you need the framework, I will provide it. Implement it under your government. Give it whatever name you choose. Take the credit,” he said.
“I ask for only one thing: Let Nigerians breathe.”
Looking ahead to the 2027 election, Atiku said that if elected president, he would introduce a transparent production subsidy for petroleum products refined in Nigeria and sold to Nigerians.
He said the proposed policy would be designed to reduce the cost of locally refined petroleum products while encouraging domestic refining and production.
“Only products confirmed to be refined in Nigeria will qualify. Imported products will not,” Atiku said.
He added that the programme would have a fixed spending limit, require National Assembly approval and be subjected to independent audits to ensure transparency and accountability.
Atiku illustrated the principle behind the proposal with domestic rice production, arguing that targeted government support could reduce production costs, make the final product more affordable, stimulate demand for local agricultural inputs and create employment.
“That means cheaper rice for families, more business for farmers and more jobs for Nigerians,” he said.
He reiterated his appeal to Tinubu to use the remaining period of his administration to reduce the cost of living and improve Nigerians’ purchasing power.
“I am prepared to compete with you politically. But I will never compete with the welfare of the Nigerian people,” Atiku said.
“The presidency may be contested. The wellbeing of Nigerians should never be.”
He said his objective was to build an economy where growth translates into increased production, jobs, stronger purchasing power and improved living standards.
“Ultimately, Nigerians do not live on statistics. They live on what their hard-earned money can buy,” Atiku said.