Kenneth Okonkwo, the 2027 presidential campaign spokesperson for the African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has criticized the removal of petrol subsidy by President Bola Tinubu, arguing that the policy has worsened economic hardship and weakened the value of the naira.
Okonkwo said this when he featured on Channels Television’s Sunday Politics, where he defended Atiku’s proposal to restore petrol subsidy if he is elected president in 2027, according to reports.
The ADC chieftain described the subsidy removal as “ill-advised” arguing that Nigerians had yet to see meaningful benefits from the policy despite the claim by the federal government that the policy had freed funds for development.
He said petrol now costs about ₦1,300 per liter, so a motorist with a 100-litre tank would have to pay about ₦130,000 to fill it.
“₦130,000 is almost double a Nigerian’s minimum wage. What that means is that 70,000 naira earned by a Nigerian can fill half a tank of his vehicle. “Nothing, no rent, no food, no medical, nothing,” Okonkwo said.
But he was quick to add that Atiku was not advocating a return to the subsidy regime that existed before the Tinubu government scrapped it.
He said his plan instead would be to make crude oil available to local refineries at affordable rates to bring down the cost of refined petrol.
“Atiku is not going back to that. And can’t even go back to that. Why is that? We have our refineries here locally working,” he said.
Okonkwo also condemned the economic policies of the Bola Tinubu administration, saying the naira had depreciated badly, notwithstanding the increase in the national minimum wage.
He compared the old ₦30,000 minimum wage, which he said was worth about $60, with the current ₦70,000 minimum wage, which he valued at about $50 at an exchange rate of ₦1,400 to the dollar.
“Naira has become useless in Tinubu’s government. “This government is destroying our currency, destroying our economy,” he said.
The actor turned politician said the proposed Atiku Fuel Affordability Plan (AFAP) would target reduction of production costs rather than fuel consumption subsidy.
“Atiku is saying oil is our product. “We have no basis for producing it in our land by ourselves and still selling it to Nigerians at an unaffordable price,” Okonkwo said.
Responding to questions on Atiku’s earlier support for the removal of petrol subsidy, Okonkwo acknowledged that the former vise president had described the subsidy as unsustainable.
“But the current proposal by Atiku is different from the past subsidy arrangement,” he said.
Okonkwo also faulted the Tinubu administration for stoking inflation and weakening the naira, saying the increase in nominal wages has not translated into improved purchasing power for Nigerians.
He said, “The 50% of the 30,000 Naira people were earning before Tinubu came into office has more value than the 70,000 he’s offering Nigerians.”
He said the rising cost of living had eroded the increased government revenue.
“Instead of just increasing the amount of money in circulation, Atiku’s approach will be to improve the purchasing power of Nigerians.
Okonkwo said, “Atiku is looking to improve the quality of Naira not the quantity of it.
Asked how Atiku would do differently from the Tinubu administration, Okonkwo said the ADC candidate would bring “institutional memory and experience” to the management of Nigeria’s economy and security.
