Former Vice President Atiku Abubakar has warned Nigerians against expecting palliatives such as bags of rice to solve the economic hardship in the country, insisting that only sound economic policies can restore purchasing power and reduce the cost of living.
Atiku, in a national address on Friday in Abuja on fuel prices, palliatives and the cost of living, also challenged President Bola Tinubu to reverse course on petrol pricing and adopt measures capable of reducing the burden on households, workers, farmers and businesses.
He said the administration had about eight months left in office and should use the remaining period to provide tangible relief to Nigerians rather than rely on emergency assistance to cushion the effects of policies that have increased the cost of living.
According to him, the consequences of petrol subsidy removal since May 29, 2023, have spread across the economy, affecting transportation, food prices, agricultural production, businesses and household incomes.
“When petrol becomes expensive, transportation becomes expensive. When transportation becomes expensive, food becomes expensive,” Atiku said.
He added that farmers now spend more to move their produce, traders pay more to stock their shops, workers spend more to get to their workplaces, while businesses face increased logistics and energy costs.
“In the end, the Nigerian family receives the bill,” he said, stressing that “when government makes energy expensive, it makes life expensive.”
Atiku recalled that when he previously advocated government intervention to moderate fuel prices, Tinubu dismissed his proposal as evidence of “serious ignorance” of governance and the economy.
He, however, challenged the President to reconsider the position in the face of complaints from 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 government should listen when workers, producers, marketers and ordinary citizens were raising concerns about the impact of its policies.
He said leadership required the humility to acknowledge the consequences of economic policies and the courage to change direction where necessary.
The former vice president also criticised what he described as excessive emphasis on headline economic figures, arguing that Nigerians were more concerned about what their income could actually purchase.
“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 should translate into improved living standards, stronger purchasing power, greater production and employment opportunities.
He therefore urged Tinubu to use the remaining months of his administration to reduce the pressure on Nigerians.
He also made a direct appeal to the President 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, an effective policy should not be rejected simply because it was proposed by a political opponent.
“A sensible idea does not become a bad idea because it came from your opponent,” he said.
He also took aim at the Federal Government’s reliance on palliatives, particularly the distribution of food items, saying such interventions could not substitute for policies that address the underlying causes of hardship.
“Do not make life unbearable and then distribute bags of rice as evidence of compassion,” he said.
“Do not break a man’s legs, hand him crutches and demand applause for providing mobility.”
Atiku argued that while emergency assistance had a role during periods of economic distress, it could not permanently address structural problems.
“A bag of rice cannot repair an economy in which transportation costs outrun salaries,” he said.
“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.”
He further warned against repeating what he described as the mistakes associated with petrol subsidy removal when electricity subsidies are phased out.
According to him, electricity costs are already placing significant pressure on households and businesses, with small enterprises and manufacturers relying heavily on alternative sources of power.
He said the consequences of high electricity costs extend across virtually every sector of the economy.
“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.”
Atiku urged the administration not to impose additional economic pressure on Nigerians and only seek palliatives afterwards.
“Do not remove first and think later. Do not impose the pain first and search for palliatives afterwards,” he said.
He also argued that the remaining eight months of Tinubu’s tenure could make a significant difference to Nigerians despite being relatively short in political terms.
“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.
Atiku offered to provide the Tinubu administration with technical input on measures that could reduce the burden on Nigerians, saying the welfare of citizens should take precedence over political rivalry.
“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 promised that if elected president, he would introduce a transparent production subsidy for petroleum products refined in Nigeria and sold to Nigerians.
He explained that the proposed policy would be designed to reduce the cost of locally refined petroleum products while supporting domestic production.
Using the example of a Nigerian rice miller, Atiku said government intervention could reduce production costs, making the final product more affordable while creating demand for locally produced agricultural inputs and generating jobs.
“That means cheaper rice for families, more business for farmers and more jobs for Nigerians,” he said.
He said his proposed petroleum production subsidy would operate on a similar principle, with government support tied specifically to products refined in Nigeria.
“Only products confirmed to be refined in Nigeria will qualify. Imported products will not,” he said.
Atiku said the programme would have a fixed spending limit, National Assembly approval and independent audits to ensure transparency and accountability.
He reiterated his call for Tinubu to use the remaining months of his administration to reduce the cost of living and provide relief to Nigerians.
“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, purchasing power and improved living standards.
“Ultimately, Nigerians do not live on statistics. They live on what their hard-earned money can buy,” he said.
