Former Vice-President Atiku Abubakar has urged President Bola Tinubu to reduce the cost of petrol and electricity, saying rising energy prices are worsening the economic burden on Nigerians.
This is coming on a day it was made public that the International Chamber of Commerce (ICC) arbitration proceedings in Paris had reinforced allegations of corruption against the former vice-president.
The arbitration linked the former VP with the ill-fated contract as a $500,000 payment was transferred in January 2003 to an account belonging to Jennifer Douglas, Atiku’s then-wife, through an offshore company identified as China Castle Investment.
Dispute over the contract stalled the 3,960-megawatt Mambilla Hydroelectric Power Project in Taraba State leading to the arbitration dispute involving Sunrise Power and Transmission Company Limited and Leno Adesanya.
Atiku made the call on Friday at a press conference in Abuja, urging the president to use the remaining eight months of his administration to ease pressure on households, workers and businesses.
He said the removal of petrol subsidy in May 2023 had contributed to higher transportation, food, logistics and energy costs across the country.
“When petrol becomes expensive, transportation becomes expensive. When transportation becomes expensive, food becomes expensive,” Atiku said.
He argued that higher energy costs affect farmers, traders, workers and businesses through increased transportation, logistics and operating expenses, with the burden ultimately passed on to households.
Atiku also urged Tinubu to reconsider the government’s fuel pricing policy, saying concerns raised by labour unions, petroleum marketers, manufacturers and households should prompt a review.
He said leadership required the willingness to acknowledge the consequences of policies and make adjustments where necessary.
Atiku further criticised the use of palliatives to cushion rising living costs, arguing that emergency assistance could not substitute for policies that address the underlying causes of economic hardship.
On electricity, Atiku expressed concern over plans to phase out electricity subsidies from 2027, saying households and businesses were already struggling with high power costs.
He warned that small businesses and manufacturers were bearing the additional burden of electricity bills, diesel and alternative power sources.
According to him, the government should learn from the experience of petrol subsidy removal and avoid increasing electricity costs before putting adequate measures in place to protect consumers.
Atiku said his political contest with Tinubu should not prevent him from supporting policies that improve Nigerians’ welfare.
He also said his broader economic agenda was focused on increasing production, creating jobs, strengthening purchasing power and improving living standards.