Mr Kenneth Okonkwo, spokesperson for the African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has criticised the timing of President Bola Tinubu’s fuel subsidy removal, describing the decision as ill-advised and unsustainable.
Speaking on Channels Television’s Sunday Politics, Okonkwo argued that although fuel subsidy should not exist in Nigeria in the first place, the government failed to put the necessary measures in place before removing it.
He noted that petrol currently costs about N1,300 per litre, meaning a Nigerian with a 100-litre tank would need approximately N130,000 to fill it.
According to him, this is almost twice the N70,000 minimum wage, leaving many workers unable to adequately provide for basic needs such as food, rent and healthcare.
“No responsible or compassionate leader will sit down and accept such a level of induced poverty by this regime,” he said.
Okonkwo also rejected claims that inflation is declining, arguing that Nigerians continue to experience rising prices of food, transportation and other essential goods.
“What I am saying is, because I am an economist, that the definition of inflation is when the prices of goods are rising. So, if the prices of goods are rising and you are telling us the inflation figure is going down, that is voodoo economics,” he stated.
He recalled that he had called for the reversal of the subsidy removal shortly after it was announced, warning that the policy would become unsustainable.
“I said we were reckless in going into oil subsidy, and we ought not to be reckless coming out of it,” Okonkwo said.
He explained that the government should have first ensured adequate fuel supply and eliminated monopoly before removing the subsidy.
According to him, Nigeria should never have had a fuel subsidy because the country produces crude oil.
“There ought not to be subsidy in the first place in Nigeria because oil is our product. This is what Atiku is saying,” he added.
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