Former Vice President Atiku Abubakar has criticised President Bola Tinubu’s economic policies, accusing the administration of imposing hardship on Nigerians while granting incentives to oil investors.
Atiku, the presidential candidate of the African Democratic Congress (ADC), made the remarks through his Senior Special Assistant on Public Communication, Phrank Shaibu, in a statement on Sunday.
He challenged the Federal Government’s claim that petrol subsidy had been completely removed, arguing that government funds were still being used to cover price differentials in the petroleum sector.
Atiku cited figures from the Nigerian National Petroleum Company Limited’s audited financial statements, which he said showed that billions of naira were recorded as energy security expenses after the subsidy removal announcement.
He argued that whether such spending was described as subsidy, under-recovery, shortfall or energy security, public funds were still being used to bridge the gap between the economic cost of petrol and its regulated selling price.
The former vice president also questioned the government’s petroleum investment incentives, arguing that intervention in the oil sector should not be limited to protecting large-scale investors.
According to him, government policies should also take into account the impact of fuel prices on workers and households.
Atiku reiterated his proposal for a targeted fuel subsidy if elected president in 2027, saying it would be different from the previous system, which he described as lacking transparency.
He proposed a capped and transparently budgeted intervention, alongside measures to increase domestic refining, promote competition and expand mass transportation.
He also called for the publication of details of petroleum tax concessions granted to investors, including the beneficiaries and revenue forgone by the government.
Atiku accused the Tinubu administration of applying different economic standards to corporations and ordinary Nigerians, saying economic policies should not place the burden of adjustment disproportionately on households.
