Kenneth Okonkwo, spokesperson for the presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar, has argued that fuel subsidy should not exist in Nigeria but criticised the timing of its removal by the administration of President Bola Tinubu.
Okonkwo made the remarks during an appearance on Channels Television’s Sunday Politics, where he assessed the impact of the subsidy removal on Nigerians and argued that the policy had worsened economic hardship.
According to him, the problem was not the principle of removing subsidy but the conditions under which the policy was implemented.
“There ought not to be subsidy in the first place in Nigeria because oil is our product. This is what Atiku is saying,” Okonkwo stated.
He, however, maintained that the Tinubu administration was wrong to remove the subsidy without first putting adequate measures in place to cushion its impact on Nigerians.
The ADC spokesperson said the cost of petrol had risen to about N1,300 per litre, meaning that a vehicle with a 100-litre tank would require approximately N130,000 to fill.
He noted that the amount was significantly higher than Nigeria’s N70,000 minimum wage, arguing that a worker earning the minimum wage would be unable to meet basic needs after purchasing fuel.
“N130,000 is almost twice the minimum wage of a Nigerian, meaning N70,000 paid to a Nigerian can only afford him half a tank of fuel. No rent, no food, no medical care, nothing,” he said.
Okonkwo also cited the growing difficulty faced by Nigerians in accessing food, saying more than 35 million people were struggling to feed themselves.
He argued that the situation represented severe economic hardship and accused the government of presenting economic statistics in a manner that did not reflect the reality faced by ordinary citizens.
READ ALSO: Fuel Subsidy Removal Protects Corruption, Mahdi Shehu Alleges
“We are in the midst of statistics. So, what Tinubu is doing is afflicting Nigerians with poverty, and they are using the Nigerian Statistics Bureau dubiously to polish it with statistics,” he alleged.
The ADC chieftain also questioned claims of declining inflation, arguing that Nigerians continued to experience increases in the prices of food, transportation and other essential goods and services.
He described the situation as “voodoo economics,” maintaining that falling inflation does not necessarily mean prices have fallen, but argued that continued increases in the cost of living demonstrated the severity of the economic pressure on households.
Okonkwo said he had warned against the manner in which the subsidy was removed shortly after Tinubu announced the policy, insisting that the government should have prepared the economy before implementing the decision.
“I said he should reverse it because this will be unsustainable. It is there. I said we were reckless in going into oil subsidy, and we ought not to be reckless coming out of it,” he said.
He identified two conditions he believed should have been met before subsidy removal: ensuring adequate fuel supply across the country and preventing monopoly within the petroleum market.
According to him, removing subsidy without addressing supply constraints and market competition would expose Nigerians to higher prices without providing adequate alternatives.
Okonkwo maintained that the ADC’s position was not in favour of retaining an unsustainable subsidy regime but rather of creating the right conditions for its removal.
He said the ultimate objective should be to ensure that Nigerians benefit from the country’s oil resources without being subjected to policies that deepen poverty and worsen their living conditions.