Atiku Abubakar, the 2023 presidential candidate of the Peoples Democratic Party (PDP), recently issued a statement via his official handle, addressing President Bola Tinubu’s administration’s handling of the fuel subsidy issue.
President Tinubu, during his inauguration on May 29, 2023, had announced the abolishment of the subsidy on Premium Motor Spirit (PMS), commonly known as fuel.
Since then, Tinubu and his administration officials have touted this move as a significant achievement. However, Abubakar, in his statement assessing the one-year tenure of the Tinubu administration, urged the government to provide transparency regarding the subsidy policy’s actual status.
In his statement, Abubakar emphasized the need for clarity on various aspects of the fuel subsidy regime, including its fiscal implications, the benefits of subsidy reform, and its impact on the Federation Accounts. He highlighted the emergence of fuel queues and the proliferation of the black market for fuel since April 2024, raising questions about the quantity of PMS being imported, its distribution, and associated costs.
Abubakar expressed shock upon learning from media reports that the government was allegedly still subsidizing downstream fuel consumption, despite claims of abolishment. He revealed that expenditure on fuel subsidy was projected to reach N5.4 trillion in 2024, compared to N3.6 trillion spent in 2023, the same year Tinubu declared the subsidy’s abolition.
Abubakar reiterated his stance that Nigeria’s current state reflects a failure of governance, characterized by a series of ineffective economic policies. He condemned the practice of paying subsidies while deceiving the public, emphasizing that Nigerians deserve honesty and better governance.
In conclusion, Atiku Abubakar’s statement underscores the need for transparency and accountability in government policies, particularly regarding critical issues such as fuel subsidy, to foster public trust and ensure effective governance.
