Former Vice President Atiku Abubakar has urged President Bola Tinubu to take immediate steps to reduce petrol prices and ease the rising cost of living, arguing that Nigerians can no longer bear the impact of higher energy and transportation costs.

Former Vice President Atiku Abubakar, in an address on fuel prices, palliatives and the cost of living, said Nigerians had borne the consequences of petrol subsidy removal since May 29, 2023, without adequate protection for families, workers, farmers and businesses.

He argued that rising petrol prices had triggered higher transportation and food costs, increased the cost of moving agricultural produce and raised logistics expenses for businesses.

“When government makes energy expensive, it makes life expensive,” Atiku said, adding that the consequences of economic policy were now being felt in the daily lives of Nigerians.

He recalled that when he previously advocated government intervention to reduce the cost of petrol, Tinubu dismissed the proposal as demonstrating “serious ignorance” of governance and the economy.

Atiku questioned whether the Nigeria Labour Congress (NLC), petroleum marketers, manufacturers and Nigerians who have complained about rising costs could all be described as ignorant.

“When workers, producers, marketers and ordinary families are all raising the alarm, government must listen,” he said.

According to him, leadership requires the humility to confront the consequences of policies and the courage to change course where necessary.

Atiku also criticised the emphasis on GDP growth, increased government revenues and higher allocations, saying Nigerians ultimately judge the economy by what their incomes can buy.

“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,” he said.

He urged Tinubu to use what he described as the remaining eight months of his administration to provide relief for Nigerians.

Atiku said the President should not hesitate to adopt his proposal for government intervention to reduce petrol prices, even if it meant renaming the policy or taking credit for it.

“What matters to me is that Nigerians pay less,” he said. “A sensible idea does not become a bad idea because it came from your opponent.”

The former vice president also criticised reliance on palliatives as a response to economic hardship, arguing that emergency assistance could not substitute for sound economic policy.

“Palliatives manage pain. Good policy addresses the source of the pain,” he said.

Atiku warned that the planned phase-out of electricity subsidies from 2027 could further increase pressure on households and businesses already struggling with high energy costs.

He said small businesses, manufacturers and other users were already spending heavily on electricity, diesel and alternative sources of power.

“The lesson of petrol must not be repeated with electricity,” he said. “Do not remove first and think later. Do not impose the pain first and search for palliatives afterwards.”

Atiku offered to provide the Tinubu administration with his policy framework for reducing the burden on Nigerians, saying the country should not have to wait for another administration before benefiting from ideas that could provide immediate relief.

“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.”

Atiku, however, said he remained prepared to contest Tinubu politically but would not allow political rivalry to take precedence over Nigerians’ welfare.

“I am prepared to compete with you politically. But I will never compete with the welfare of the Nigerian people,” he said.

He said that if elected in 2027, his administration would introduce a transparent production subsidy for petroleum products refined in Nigeria and sold to Nigerians.

Under the proposed scheme, he said, only products confirmed to have been refined in Nigeria would qualify, while imported products would be excluded.

He explained the policy using the example of a Nigerian rice miller, saying government support to reduce production costs could make rice more affordable, increase demand, expand purchases from local farmers and create jobs.

“Our production subsidy will work the same way: government support must bring prices down,” he said.

Atiku said the proposed programme would have a fixed spending limit, National Assembly approval and independent audits.

He said his broader economic vision was to build an economy where growth translates into increased production, jobs, purchasing power and improved living standards.

“Nigerians do not live on statistics. They live on what their hard-earned money can buy,” Atiku said.