Former Vice-President Atiku Abubakar has criticised President Bola Tinubu’s economic policies, accusing the administration of making life and doing business more expensive for Nigerians.
Atiku, the presidential candidate of the African Democratic Congress (ADC), made the remarks in a statement issued on Tuesday by Phrank Shaibu, his Senior Special Assistant on Public Communication.
He promised to reverse the trend if elected president in 2027.
Atiku also criticised Nigeria’s continued export of raw materials, arguing that the country was losing significant economic value by exporting commodities without processing them locally.
He said raw-material exports increased by 106 per cent, from N1.86 trillion in the first half of 2025 to N3.84 trillion in the corresponding period of 2026.
According to him, commodities such as cocoa, hides, cotton and minerals should be processed locally before being exported to create jobs and increase their value to the Nigerian economy.
“There is nothing wrong with exporting. The problem is exporting the cheapest part of the value chain and buying back the expensive part,” he said.
The former vice-president also expressed concern over reported unsold manufactured goods worth about N2.14 trillion, saying the figure reflected declining purchasing power and rising production costs.
Atiku said manufacturers were facing higher costs for fuel, electricity, credit and transportation, while households were struggling with reduced purchasing power.
“Fuel is more expensive. Electricity is more expensive. Credit is expensive. Transportation costs have risen. The naira is weaker,” he said.
“That is why factory shelves are full while kitchen cupboards are empty.”
He proposed an economic recovery programme centred on affordable long-term financing, industrial clusters, agro-processing, mineral beneficiation and incentives for businesses that add value locally.
Atiku also proposed a production-linked fuel subsidy limited to petroleum products refined in Nigeria and tied to verified production, domestic supply and measurable benefits to consumers.
“No production, no subsidy. No domestic supply, no subsidy. No measurable benefit to Nigerians, no subsidy,” he said.
He further proposed a $10 billion financing programme for young entrepreneurs and start-ups operating in sectors including agriculture, manufacturing, processing, packaging, logistics, technology and distribution.
Atiku said increased domestic production would help Nigeria generate more foreign exchange, ease pressure on the naira and strengthen the economy.
“You cannot rebase your way to prosperity. A $1 trillion economy must be something Nigerians can feel in their salaries, their markets, their businesses and their homes,” he said.
“Our promise is simple: we will make it cheaper to produce, easier to do business, more rewarding to manufacture and more affordable to live. Tinubu made Nigeria expensive. Atiku will make Nigeria affordable again.”