Tinubu’s Subsidy Removal Worsened Hardship, Made Naira Useless – Okonkwo

The 2027 presidential campaign spokesperson for the African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, Kenneth Okonkwo, has criticised the removal of petrol subsidy by President Bola Tinubu, arguing that the policy has worsened economic hardship and weakened the value of the naira.

This online medium reports that Okonkwo stated this during an appearance on Channels Television’s Sunday Politics, where he defended Atiku’s proposal to restore petrol subsidy if elected president in 2027.

The ADC chieftain described the subsidy removal as “ill-advised”, arguing that Nigerians had yet to see meaningful benefits from the policy despite the federal government’s claim that the policy had freed funds for development.

He said petrol now sells for about ₦1,300 per litre, meaning that a motorist with a 100-litre tank would need about ₦130,000 to fill it.

“₦130,000 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,” Okonkwo said.

He, however, clarified that Atiku was not proposing a return to the subsidy regime that existed before its removal by the Tinubu government.

According to him, the former vice president’s plan would instead involve making crude oil available to local refineries at affordable rates to reduce the cost of refined petrol.

“Atiku is not going back to that. And cannot even go back to that. Why? We have our local refineries now working,” he said.

Okonkwo also criticised the economic policies of President Bola Tinubu’s administration, claiming that the naira had lost significant value despite the increase in the national minimum wage.

He compared the former ₦30,000 minimum wage, which he said was worth about $60, with the current ₦70,000 minimum wage, which he valued at about $50 at an exchange rate of ₦1,400 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 said 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 the removal of petrol subsidy, Okonkwo acknowledged that the former vice president had described the subsidy as unsustainable.

He, however, maintained that Atiku’s current proposal was different from the previous subsidy arrangement.

Okonkwo further accused the Tinubu administration of fuelling inflation and weakening the naira, arguing that the increase in nominal wages had not translated into improved purchasing power for Nigerians.

“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.

The ADC chieftain added that the increase in government revenue had been undermined by the rising cost of living.

He said Atiku’s approach would focus on improving the purchasing power of Nigerians rather than merely increasing the amount of money in circulation.

“Atiku is aiming at increasing the quality of Naira, not the quantity of it,” Okonkwo said.

Asked how Atiku would perform differently from the Tinubu administration, Okonkwo said the ADC candidate would bring “institutional memory and experience” to the management of Nigeria’s economy and security.