Former Vice-President Atiku Abubakar has called on President Bola Tinubu to take steps to reduce petrol prices, saying Nigerians are struggling with the effects of rising energy and transportation costs.

Atiku made the call in an address on fuel prices, palliatives and the cost of living, where he argued that Nigerians had experienced the effects of petrol subsidy removal since May 29, 2023, without adequate protection for households, workers, farmers and businesses.

He said higher petrol prices had contributed to increased transport fares, food prices, agricultural logistics and operating costs for businesses.

According to him, the economic impact of government policies should be measured by how much Nigerians can afford with their incomes, rather than solely by increases in government revenue, allocations or gross domestic product.

Atiku recalled that when he previously advocated government intervention to reduce petrol prices, President Tinubu had criticised the proposal. He argued that complaints from workers, manufacturers, petroleum marketers and other Nigerians showed the need for the government to reconsider its approach.

He urged the President to consider his proposal for reducing petrol prices, saying the policy could be implemented under the current administration regardless of the name attached to it.

The former Vice-President also criticised reliance on palliatives, arguing that temporary assistance should not replace policies aimed at addressing the underlying causes of economic hardship.

Atiku further warned against the planned removal of electricity subsidies from 2027, saying higher electricity costs could place additional pressure on households, small businesses and manufacturers already dealing with expensive energy alternatives such as diesel and petrol.

He urged the government not to repeat what he described as the experience of petrol subsidy removal by imposing additional costs before putting measures in place to cushion their effects.

Atiku said he was prepared to compete politically with Tinubu but maintained that political differences should not prevent the adoption of policies that could provide relief to Nigerians.

He also outlined his proposed approach to petrol pricing if elected in 2027, saying his administration would introduce a transparent production subsidy for petroleum products refined in Nigeria and sold domestically.

He said imported petroleum products would not qualify for the proposed intervention, while the programme would have a spending limit, National Assembly approval and independent audits.

Atiku said the broader objective would be to reduce production costs, increase domestic refining, create jobs and improve Nigerians’ purchasing power.