Atiku Urges Tinubu To Adopt Proposal To Reduce Petrol Prices

Former Vice President Atiku Abubakar has urged President Bola Tinubu to adopt his proposal for government intervention to reduce petrol prices, saying the administration could rename the policy and take credit for it if it would help ease the cost of living.

Atiku made the call in an address on fuel prices, palliatives and the cost of living, where he said Nigerians had continued to bear the effects of the removal of petrol subsidy. According to him, the impact of high petrol prices had extended from transportation to food, businesses, production costs and household spending.

He said the government should focus on policies that reduce the underlying cost of living rather than rely mainly on palliatives. 

Atiku recalled that Tinubu had previously criticised his proposal for government intervention to reduce petrol prices. He, however, argued that concerns raised by workers, petroleum marketers, manufacturers and households showed the need for the government to reconsider its approach.

Atiku also criticised the emphasis on economic growth, increased government revenue and higher allocations, saying the purchasing power of Nigerians should remain a key measure of economic performance.

He said manufacturers faced rising production costs while consumers struggled to afford the goods being produced.

The former Vice President urged Tinubu to implement his proposal regardless of who receives political credit for it.

He said the administration could rename the proposal and take ownership of it, stressing that the priority should be reducing the price Nigerians pay for petrol.

Atiku also warned against repeating what he described as the petrol subsidy removal experience with electricity subsidies, which the government has indicated could be phased out from 2027.

He said households, businesses and manufacturers were already facing high electricity costs and urged the Federal Government to avoid removing electricity subsidies without measures to address the impact on consumers.

Atiku further outlined his proposed approach to petrol pricing if elected president in 2027.

He proposed a transparent production subsidy for petroleum products refined in Nigeria and sold to Nigerians, saying imported petroleum products would not qualify.

According to him, the proposed scheme would have a fixed spending limit, require National Assembly approval, and be subject to independent audits.

Atiku said the intervention would support domestic refining while helping reduce petrol prices for consumers.

He also offered to provide the framework for the Federal Government to implement it under the Tinubu administration.

The former Vice President said his broader economic programme would focus on expanding production, creating jobs and improving the purchasing power of Nigerians.