Kenneth Okonkwo, spokesperson for the African Democratic Congress (ADC) presidential candidate Atiku Abubakar, has criticised the Federal Government’s removal of the petrol subsidy, arguing that the policy has worsened economic hardship and eroded the value of the naira.
He argued that the subsidy removal was “ill-advised” and had failed to deliver tangible benefits to Nigerians, despite the government’s claim that the policy had freed funds for development.
According to Okonkwo, petrol now costs about N1,300 per litre, meaning a motorist with a 100-litre tank would require about N130,000 to fill it.
“N130,000 is almost two times the minimum wage of a Nigerian. Meaning 70,000 naira paid to a Nigerian can only afford him half a tank of his vehicle. No rent, no food, no medical, nothing,” he said.
Okonkwo maintained that Atiku was not proposing a return to the subsidy regime that existed before its removal but would instead reduce the cost of refined petrol by making crude oil available to local refineries at affordable rates.
“Atiku is not going back to that. And cannot even go back to that. Why? We have our local refineries now working,” he said.
The ADC chieftain said the naira had lost significant value under the administration of President Bola Tinubu, comparing the former N30,000 minimum wage, which he said was worth about $60, with the current N70,000 minimum wage, worth about $50 at an exchange rate of N1,400 to the dollar.
“Naira has become useless in Tinubu’s government. This government is destroying our currency, destroying our economy,” he said.
The actor-cum-politician explained that the proposed Atiku Fuel Affordability Plan (AFAP) would focus on reducing production costs rather than subsidising fuel consumption.
“What Atiku is talking about is that oil is our product. We do not have any basis for producing it in our land by ourselves and still selling it to Nigerians at an unaffordable price,” Okonkwo said.
Responding to questions about Atiku’s previous support for subsidy removal, Okonkwo acknowledged that the former vice president had described subsidy as unsustainable but argued that the proposed policy was fundamentally different.
He accused President Tinubu’s administration of worsening inflation and weakening the naira, saying the increase in nominal wages had not translated into greater purchasing power.
“50% of the 30,000 Naira people were earning before Tinubu came into office has greater value than the 70,000 he’s offering Nigerians,” he said.
Okonkwo further argued that the government’s increased revenue had been undermined by the rising cost of living.
The ADC chieftain stated that Atiku’s approach would prioritise the purchasing power of Nigerians, insisting, “Atiku is aiming at increasing the quality of Naira, not the quantity of it.”
Asked how Atiku would do better than Tinubu’s administration, Okonkwo said the ADC candidate would bring “institutional memory and experience” to the management of Nigeria’s economy and security.
In 2023, President Tinubu, during his inauguration, announced the removal of fuel subsidies, marking a major turning point for the nation’s economy. The decision led to immediate adjustments in petrol prices nationwide, sparking intense debates regarding fiscal sustainability and the cost of living.
But on Wednesday, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the removal of the petrol subsidy saved Nigeria N15.8 trillion between June 2023 and December 2025.
Former Vice President Atiku triggered an economic and political debate after declaring that he will restore the petrol subsidy if elected president. It marked a significant policy shift from his 2023 presidential campaign, where he, alongside other major candidates, originally advocated for the immediate removal of the subsidy regime.
