Former Vice President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has renewed his criticism of President Bola Tinubu’s economic policies, accusing the administration of worsening the cost-of-living crisis and weakening the purchasing power of Nigerians.
Atiku, through his Senior Special Assistant on Public Communication, Phrank Shaibu, in a statement issued on Sunday, argued that Nigerians were more concerned about the prices of goods and services than the economic indicators being cited by the government.
He particularly faulted the removal of the petrol subsidy, saying the policy had contributed to sharp increases in the cost of fuel, transportation and food, while placing additional pressure on businesses.
According to him, the government cannot expect Nigerians to celebrate macroeconomic figures when households and businesses are struggling to survive.
Atiku also argued that calls by the Crude Oil Refinery Owners Association of Nigeria (CORAN) for greater support for domestic refining had exposed what he described as inconsistencies in the Federal Government’s opposition to targeted production support.
He drew a parallel with policies in the United States under President Donald Trump, arguing that strategic support for domestic petroleum production and refining was not necessarily incompatible with sound economic management.
“Tinubu did not inherit this cost-of-living crisis from Nigerians. His policies created and deepened it,” Atiku said.
He alleged that the administration had withdrawn economic relief from citizens while making basic necessities increasingly expensive.
The former vice president also linked the economic difficulties to the financial challenges facing businesses, citing reports that substantial portions of the short-term assets of some major Nigerian companies were tied up in unpaid customer bills.
He said the development was an indication that declining purchasing power was affecting the entire economy, from consumers to retailers and suppliers.
Using the example of a frozen-food seller in Kubwa, Abuja, Atiku said rising transportation, electricity and restocking costs, combined with declining consumer purchasing power, could force small businesses into a cycle of debt and declining operations.
He said Nigerians needed urgent measures to reduce economic pressure rather than continued appeals for patience.
Atiku further cited increases in the prices of fertiliser, petrol and cement, as well as the naira-dollar exchange rate, to illustrate the scale of the economic pressure facing households.
He claimed that fertiliser had risen from about N9,000 to N50,000, petrol from approximately N199 to N1,400 per litre, while cement had increased from about N4,000 to N13,500.
He also said the exchange rate had moved from about N450 to the dollar to approximately N1,400.
Atiku questioned what he described as the limited benefits of the reforms to ordinary Nigerians, citing persistent challenges around electricity, security, food prices, transportation and access to affordable education.
Atiku canvasses production support
The ADC candidate reiterated his proposal for what he described as a production subsidy, arguing that government support should be directed at increasing local production and refining capacity.
According to him, supporting domestic producers, increasing supply and ensuring effective price monitoring would ultimately reduce costs for consumers.
He argued that government intervention should not be regarded as bad economics when it is designed to protect ordinary citizens, particularly when similar incentives are extended to large corporations.
“Support production. Refine in Nigeria. Create Nigerian jobs. Lower the cost of living,” he said.
Atiku maintained that Nigeria needed an economic model that would increase domestic production while putting more disposable income in the hands of households.
ADC chieftain backs border reopening
Meanwhile, an ADC stalwart and former Edo State governorship aspirant, Kenneth Imasuagbon, has also criticised the Tinubu administration’s economic policies, saying the reforms have imposed severe hardship on Nigerians and weakened the productive sector.
Imasuagbon spoke in Benin City on Sunday while addressing journalists on national issues and preparations for the 2027 general elections.
He said the economic situation had forced many businesses to struggle, with some Nigerians losing their sources of livelihood.
The ADC chieftain advocated improved trade relations with Nigeria’s neighbours, arguing that reopening the country’s land borders to legitimate cross-border commerce would strengthen supply chains and help moderate the prices of essential commodities.
He said Atiku’s proposal to reopen the borders would revive legitimate trans-border trade, create more economic opportunities and improve the movement of goods across the West African region.
“The economic reforms introduced by the administration of President Bola Tinubu have imposed severe hardship on citizens, increased the cost of living and weakened the productive sector,” he said.
According to him, restoring legitimate cross-border trade would encourage investment, stimulate local businesses and promote competition that could ultimately bring down the prices of food and other necessities.
Imasuagbon also pointed to insecurity in parts of northern Nigeria, saying attacks and other security challenges had disrupted farming activities and made regional trade increasingly important in complementing domestic food production.
He further cited the reported exit of ride-hailing company Uber from Nigeria as another indication of the difficulties confronting businesses in the country.
The former governorship aspirant alleged that unfavourable economic conditions had discouraged investment and contributed to unemployment, particularly among young graduates.
Imasuagbon, who is known for his annual distribution of rice to vulnerable Nigerians, expressed concern over the worsening social and economic conditions, saying rising poverty was forcing some citizens into desperate survival strategies.
He accused the APC-led Federal Government of failing to make basic necessities affordable but expressed confidence that an administration led by Atiku would implement policies aimed at reversing the trend.
2027 race intensifies
The renewed criticism comes as political activities ahead of the 2027 presidential election gather momentum.
President Tinubu is seeking another term on the platform of the All Progressives Congress (APC), while Atiku is contesting under the ADC.
The economy is expected to remain a major issue in the election campaign, alongside insecurity, unemployment and governance.
The removal of the petrol subsidy remains one of the sharpest areas of disagreement between the ruling APC and the opposition.
The Tinubu administration has consistently defended its economic reforms as necessary measures for stabilising the economy and creating the foundation for long-term growth.
Atiku and the ADC, however, have continued to argue that the immediate social cost has been too high, advocating alternative interventions aimed at lowering the cost of living, strengthening domestic production and restoring purchasing power.
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