Former Vice President Atiku Abubakar has accused Chief Bola Tinubu’s administration of lying about the status of fuel subsidies in Nigeria.
Atiku’s statement comes amid growing concerns over the true nature of the subsidy policy, which Tinubu claimed to have abolished during his inauguration on May 29, 2023.
Atiku, who was the 2023 presidential candidate for the People’s Democratic Party (PDP), has been vocal about the inconsistencies in the government’s handling of the fuel subsidy issue. “The government should provide clarity on the fuel subsidy regime, including the fiscal commitments and benefits from the fuel subsidy reform and the impact of this on the Federation Accounts,” he said.
Atiku’s comments follow reports that fuel queues have reappeared at many filling stations across Nigeria since April 2024. He noted the resurgence of the black market for fuel in several states, questioning how much Premium Motor Spirit (PMS) is being imported and distributed, and at what cost. “How much PMS is being imported and distributed, and at what cost? What is the implicit subsidy?” he asked.
Chief Tinubu, during his inauguration, proudly announced the removal of the fuel subsidy, a move hailed by his administration as a significant step towards economic reform. However, recent revelations indicate that the government may still be secretly funding fuel subsidies. Media reports suggest that government expenditure on fuel subsidies could reach N5.4 trillion in 2024, a sharp increase from the N3.6 trillion spent in 2023.
Atiku expressed his shock at these developments, stating, “Like millions of Nigerians, I was shocked to learn through media reports that the ‘government is still supporting downstream consumption.'”
The former vice president criticized the Tinubu administration for what he described as a series of trial-and-error economic policies, arguing that the deception surrounding subsidy payments was nothing to brag about. “Nigeria is not working, and what we have had in a little over a year is a cocktail of trial-and-error economic policies. Paying subsidies and lying about it is nothing to brag about. Nigerians deserve better than this deception,” he declared.
The accusations come at a time when many Nigerians are grappling with the economic impact of the subsidy policy, with fuel shortages causing widespread inconvenience and contributing to inflation. Atiku’s call for transparency highlights the need for the government to be honest about its fiscal policies and their effects on the populace.
Despite the initial announcement of subsidy removal, the reality on the ground seems to contradict the government’s claims. The re-emergence of fuel queues and the continued financial support for fuel consumption have raised questions about the effectiveness and sincerity of Tinubu’s economic reforms.
Atiku’s statement underscores a growing dissatisfaction among Nigerians, who are demanding greater accountability and transparency from their leaders.
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