Atiku To Tinubu: Palliatives Cannot Replace Sound Economic Policies

Former Vice President and presidential candidate of African Democratic Congress,  ADC Atiku Abubakar has urged President Bola Tinubu to address the root causes of Nigeria’s rising cost of living, warning that palliatives cannot substitute for sound economic policies capable of reducing the burden on households and businesses.

Atiku, in an address at press conference in Abuja  Friday  on fuel prices, palliatives and the cost of living, said Nigerians had endured the consequences of petrol subsidy removal for more than three years, with the impact spreading from transportation to food prices, farming, manufacturing and household expenses.

He said government must focus on policies that reduce production and living costs rather than relying principally on temporary relief measures.

“When government makes energy expensive, it makes life expensive,” Atiku said.

According to him, the rising cost of petrol has increased transportation expenses, while farmers, traders, workers and businesses have all been forced to absorb higher costs.

He said the ultimate burden had been transferred to Nigerian families through higher prices of basic goods and services.

Atiku argued that the success of economic reforms should not be measured only by increased government revenue, allocations or gross domestic product, but by what ordinary Nigerians could afford with their incomes.

“Economic growth must enter the home. It must enter the market basket. It must show up in the purchasing power of the worker,” he said.

The former vice president said manufacturers were facing rising production costs while consumers were struggling with reduced purchasing power.

He said the problem was not necessarily the absence of goods or demand, but the inability of many Nigerians to afford the goods being produced.

Atiku therefore called on Tinubu to use the remaining months of his administration to introduce measures capable of reducing the cost of petrol and easing the pressure on households.

He said the president should not reject a policy proposal simply because it originated from a political opponent.
“A sensible idea does not become a bad idea because it came from your opponent,” he said.

Atiku also took aim at the government’s palliative measures, arguing that emergency assistance had a role to play but could not permanently compensate Nigerians for continuously rising energy, transportation and food costs.

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

He said distributing food items or providing cash transfers could not permanently resolve the economic difficulties confronting families whose incomes were being eroded by rising living costs.

“A bag of rice cannot repair an economy in which transportation costs outrun salaries,” Atiku said.

He also expressed concern over plans to phase out electricity subsidies from 2027, warning that households and businesses were already struggling with high electricity costs.

He said small businesses such as barbers, tailors, frozen-food sellers and welders depend on electricity to operate, while manufacturers spend heavily on electricity, diesel and alternative sources of power.

Atiku urged the government not to repeat what he described as the experience of petrol subsidy removal by withdrawing electricity support without adequate measures to cushion the impact on Nigerians.

“Do not remove first and think later. Do not impose the pain first and search for palliatives afterwards,” he said.

The former vice president said he was prepared to provide the Tinubu administration with his policy framework if it would help reduce the economic burden on Nigerians.

He said the president could implement the proposal under his government and take credit for it, stressing that what mattered was that Nigerians should pay less for essential commodities and services.

Atiku also unveiled what he said would be his approach if elected president in 2027.

He proposed a transparent production subsidy for petroleum products refined in Nigeria and sold to Nigerians.

Under the proposed arrangement, only petroleum products confirmed to have been refined in Nigeria would qualify for the subsidy, while imported products would be excluded.

He said the programme would operate within a fixed spending limit, subject to National Assembly approval and independent audits.

Atiku likened the proposal to government support for domestic rice milling, arguing that reducing the cost of local production could make products more affordable while creating demand for locally produced raw materials and generating employment