In an update published by *The Punch*, former Vice President Atiku Abubakar has launched a sharp critique against President Bola Ahmed Tinubu’s economic policies, asserting that the removal of the petrol subsidy and forex market unification have intensified economic hardship for everyday Nigerians. Speaking through his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku challenged the administration’s economic direction and defended his proposal for a restructured petroleum support model.
The opposition leader stated that the current reform model implemented by the administration lacks effective safety nets, leading to elevated transportation expenses, surging food prices, and reduced purchasing power. Atiku asserted that his alternative policy model advocates a budgeted, time-bound, and independently audited production support framework rather than an open-ended subsidy mechanism.
In response, the Presidency countered Atiku’s assertions, maintaining that the complete removal of the petroleum subsidy was a necessary legislative requirement under the Petroleum Industry Act to prevent fiscal insolvency. Special Adviser to the President on Information and Strategy, Bayo Onanuga, insisted that returning to any form of fuel subsidy would bankrupt public finances and undermine domestic refining progress.
Validation from *Vanguard News* captured the intensifying debate, noting Atiku’s criticism where he argued, “Tinubu pronounced first and searched for a plan afterwards, giving Nigerians the worst of both worlds”. Conversely, official statements reported in *The Nation* quoted the Special Adviser to the President asserting that “restoring the old arrangement is retrogressive, economically unfeasible, and against the genuine interest of the nation”.
**Echotitbits take:**
The debate over petroleum subsidies highlights the central economic challenge facing Nigeria’s current political landscape. As consumer prices remain sensitive to fuel costs, political discourse will continue to focus on whether market-driven energy pricing can deliver long-term stability or if targeted state interventions are necessary to cushion inflation.
Source: The Punch – https://punchng.com/subsidy-your-reforms-worsening-hardship-atiku-lashes-at-tinubu/, August 22, 2026
Photo credit: The Guardian
