Presidency Slams Atiku's Subsidy Promises as Hypocritical and Irresponsible

The Presidency has sharply criticized former Vice President Atiku Abubakar for his recent pledge to restore petrol subsidies if elected President in 2027.

 This statement, made by the ADC presidential candidate, has been labeled a desperate and regressive move by the current administration.

In a statement from Bayo Onanuga, Special Adviser to the President on Information and Strategy, the Presidency accused Atiku of flip-flopping on his previous stance against subsidies. “Atiku’s recent comments reflect a man who fails to grasp the current economic realities,” the statement read, highlighting the contradictions in his political platform.

Once an advocate for subsidy removal, Atiku's sudden reversal just five months before the election has raised eyebrows.

 The Presidency condemned his approach as opportunistic, arguing that he is making promises that lack fiscal sense and are detrimental to the Nigerian people.

Onanuga emphasized that the subsidy system is not simply cash waiting to be allocated but a complex financial arrangement that has left the NNPC with substantial debt. 

The government argues that reinstating the subsidy would not only be impractical but would also require extensive legal and fiscal adjustments.

The statement also rebutted Atiku's claim of a N30 trillion windfall from subsidies, asserting that such figures are purely fictitious. 

It explained that the previous subsidy system led to significant financial losses and remains a burden on the national treasury.

The Presidency contended that restoring the subsidy would undermine recent progress in local refining and drive Nigeria back into dependency on fuel imports. It warned that such a move would threaten jobs and hinder economic growth.

Despite acknowledging the challenges posed by rising petrol prices, the government urged the adoption of sustainable policies, such as expanding the use of compressed natural gas, instead of revisiting a corruption-ridden subsidy regime.

Onanuga called for a serious examination of any subsidy proposals, demanding clarity on funding sources and the implications for existing petroleum regulations. 

He invited political discourse anchored in today’s economic landscape, cautioning against reverting to outdated policies.

Concluding the statement, the Presidency reiterated the importance of transparent debate on economic policy, emphasizing that Nigeria cannot afford hidden costs that would lead to increased debt and reduced public services.

 The call to action invites all political actors to present comprehensive plans that align with the current realities of the petroleum market.