Kenneth Okonkwo, the 2027 presidential campaign spokesperson for the African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has condemned the removal of petrol subsidy by President Bola Tinubu, saying the policy has worsened economic hardship and weakened the value of the naira.
Okonkwo said this when he featured on Channels Television’s Sunday Politics, where he defended Atiku’s proposal to restore petrol subsidy if he is elected president in 2027, reports say.
The ADC chief called the removal of the subsidy “ill-advised” saying that Nigerians had not yet seen meaningful benefits from the policy despite claims by the federal government that the policy had freed up funds for development.
He said that petrol now sells at about ₦1,300 per liter, meaning a motorist with a 100-litre tank would have to pay about ₦130,000 to fill it.
“₦130,000 is nearly twice a Nigerian’s minimum wage. This means that a Nigerian earns 70,000 naira which can fill half a tank of his vehicle. Okonkwo said, “Nothing, no rent, no food, no medical, nothing.”
But he was quick to add that Atiku was not calling for a return to the subsidy regime that existed before the Tinubu administration abolished it.
My plan will rather be to make crude oil available to local refineries at affordable rates to reduce the cost of refined petrol,” he said.
“Atiku is not going back to that. And can’t even go back to that. Why is that? “We have our refineries here locally working,” he said.
Okonkwo also condemned the economic policies of the Bola Tinubu administration, saying the naira had depreciated badly, despite the increase in the national minimum wage.
He compared the old ₦30,000 minimum wage which he said was worth about $60 to the current ₦70,000 minimum wage which he valued at about $50 at an exchange rate of ₦1,400 to the dollar.
“Naira has lost value under Tinubu’s administration. “This government is destroying our currency, destroying our economy,” he said.
The actor-turned politician said the proposed Atiku Fuel Affordability Plan (AFAP) would be focused on reducing cost of production rather than fuel consumption subsidy.
“What Atiku is saying is that oil is our product. “We don’t have the capacity to produce it in our land and still sell to Nigerians at a price they can’t afford,” Okonkwo said.
Asked if Atiku’s earlier support for the removal of petrol subsidy was not a contradiction, Okonkwo said the former vise president had described the subsidy as unsustainable.
“But the current Atiku’s proposal is different from the past subsidy arrangement,” he said.
Okonkwo also blamed the Tinubu administration for causing inflation and weakening the naira saying the rise in nominal wages has not translated into better buying power for Nigerians.
He said, “The 50% of the 30,000 Naira people were earning before Tinubu came into office has more value than the 70,000 he’s offering Nigerians.”
He added that the increased government revenue had been compromised by the escalating cost of living.
“Instead of just adding more money to the circulation, Atiku’s approach will be to improve the purchasing power of Nigerians.
“Atiku is looking to improve the quality of Naira, not the quantity of it,” Okonkwo said.
Asked how Atiku would do 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.