Former Vice President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has accused President Bola Tinubu’s administration of deepening Nigeria’s cost-of-living crisis, saying the government’s economic reforms have imposed severe hardship on households without delivering the promised relief.
Atiku made the assertion in his State of the Nation Address to mark Nigeria’s 66th Independence Anniversary, where he challenged the President’s declaration that the country had moved beyond its period of economic emergency and entered an “age of prosperity.”
According to Atiku, millions of Nigerians are struggling with food costs, wages, transport expenses, healthcare and insecurity, while the government continues to ask citizens to exercise patience.
He criticised the removal of the petrol subsidy, arguing that it was implemented without credible protection for families against the resulting increase in fuel, transportation and food costs.
“Tinubu removed the fuel subsidy with one announcement but no credible protection in place for the families who bear the costs,” Atiku said, asking where the savings from the subsidy removal Tinubu promised would benefit Nigerians. According to him, “three years later, the pain has an address in every home. Bola Tinubu, where is the benefit?”
Atiku also challenged the administration’s claim that falling inflation represented an improvement in living standards.
He said a slower increase in prices did not reverse the erosion of household purchasing power, adding that economic growth and rising exports would only matter if they translated into improved living conditions for ordinary Nigerians.
The ADC presidential candidate for the 2027 election cited the purchasing power of the minimum wage as an example, saying a N30,000 minimum wage in 2023 could buy about 118 litres of petrol, while the N70,000 minimum wage could buy only about 50 litres in 2026.
He further claimed that the average price of an egg had risen from about N88 in 2023 to N261 by May 2026, while a small loaf of bread had increased from about N500 to roughly N2,000 over the same period.
Atiku said the figures illustrated the gap between increases in nominal wages and the actual purchasing power of Nigerians.
“If 2023 was the illness, why does your cure buy less fuel, fewer eggs, and a smaller loaf of bread?” he asked.
He also criticised the administration’s approach to student loans and consumer credit, arguing that such programmes could not by themselves make education or living costs affordable where tuition fees and household expenses continued to rise.
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On agriculture and manufacturing, Atiku said farmers and businesses could not wait for future promises of cheaper production while contending with insecurity, high energy costs and other operational challenges.
He proposed what he described as a “capped, budgeted production subsidy” tied specifically to verified petrol refined in Nigeria, including fuel produced by modular refineries.
Under the proposal, he said imported petrol would not qualify for the subsidy, while the cost and payments would be independently audited.
“The principle is simple: produce here, refine here, create jobs here, and pay less here for the benefit of Nigerians,” he said.
Atiku also questioned the administration’s budget implementation, alleging that the continued operation of the 2025 budget alongside the 2026 budget had created uncertainty over what projects had been funded and completed.
He said budgets should serve as timetables for delivering projects rather than being rolled over from one year to another.
The ADC candidate equally raised concerns over public debt, government contracts and transparency in public spending.
He questioned the process through which the Lagos-Calabar Coastal Highway contract was awarded and called for the publication of the bidding process, evaluation, final contract and subsequent variations.
Atiku also demanded greater transparency over government debts owed to local contractors, saying some contractors had reportedly borrowed from banks to execute projects and were facing financial difficulties because of unpaid government obligations.
He further questioned plans to secure additional World Bank financing, saying Nigerians should be told what previous borrowings had delivered before the government contracted new debt.
“Before you borrow another dollar in the people’s name, tell them what the money already borrowed has delivered,” he said.
On social intervention programmes, Atiku questioned claims that more than 10 million Nigerians were receiving N75,000 each in cash transfers. He called for auditable records showing how beneficiaries were identified and how payments were made.
He also referred to the deaths of three people during a crowd gathering at the Niger State Government House amid reports that N10,000 was to be distributed, calling for an account of how the gathering was organised.
On transportation, Atiku challenged Tinubu’s announcement that cheaper transport fares would begin on October 1, asking the government to publish the routes affected, previous fares, new fares and the number of beneficiaries.
He said Nigerians needed immediate relief rather than promises of future prosperity.
Atiku also linked the economic crisis to insecurity, saying armed groups had killed thousands and displaced families, while farmers, parents and communities continued to live under threat.
“A government that cannot make life affordable and cannot protect life has failed the two tests that matter most,” he said.
He pledged that, if elected, his administration would place affordability and protection of lives at the centre of government policy, with a focus on reducing the cost of food, fuel and electricity, improving access to healthcare and education, and restoring security.
The ADC candidate also addressed issues of democratic rights, calling for respect for the rule of law, INEC’s independence and greater transparency in the electoral process.
He urged Nigerians to question all candidates, including himself, and demand measurable plans and promises that could be scrutinised.
Concluding his address, Atiku called on Nigerians to judge the government by the cost of food, fuel and other essentials, as well as by their ability to live safely.
Declaring his opposition to Tinubu’s return bid in 2027, Atiku repeatedly stated: “Tinubu must go.”
He wished Nigerians a happy Independence Day and prayed for the country’s prosperity.
Victor Ezeja is a Nigerian journalist skilled in producing insightful news analyses, feature stories, and interviews that simplify complex issues and drive informed public discourse. His work combines rigorous research, balanced reporting, and compelling storytelling to highlight developments shaping industries and society. Victor, who holds a Master's Degree in Mass Communication, specializes in energy, aviation, business, and economic reporting. He can be reached via @VICTOREZEJA on X