Kenneth Okonkwo, spokesperson for African Democratic Congress (ADC) presidential candidate Atiku Abubakar, has criticised the timing of President Bola Tinubu’s fuel subsidy removal, calling the policy ill-advised and unsustainable.
Speaking on Channels Television’s Sunday Politics, Okonkwo said Nigeria should not have a fuel subsidy in the first place, but argued that the government failed to put proper measures in place before removing it.
He said petrol now sells for about N1,300 per litre, meaning filling a 100-litre tank would cost around N130,000. According to him, that is almost twice the N70,000 minimum wage, leaving many workers struggling to afford food, rent and healthcare.
“No responsible or compassionate leader will sit down and accept such a level of induced poverty by this regime,” he said.
Okonkwo also dismissed claims that inflation is falling, saying Nigerians are still facing higher prices for food, transport and other basic needs.
“What I am saying is, because I am an economist, that the definition of inflation is when the prices of goods are rising. So, if the prices of goods are rising and you are telling us the inflation figure is going down, that is voodoo economics,” he stated.
He recalled calling for the reversal of the subsidy removal shortly after it was announced, warning that the policy would not be sustainable.
“I said we were reckless in going into oil subsidy, and we ought not to be reckless coming out of it,” Okonkwo said.
He said the government should have first ensured enough fuel supply and ended monopoly before removing the subsidy.
“There ought not to be subsidy in the first place in Nigeria because oil is our product. This is what Atiku is saying,” he added.
