The Presidency defends the savings from subsidy removal, directing funds towards infrastructure and social programmes, while challenging Atiku Abubakar’s critiques of President Tinubu’s economic policies.
The Presidency has responded strongly to former Vice President Atiku Abubakar’s critiques, defending the economic policies of President Bola Ahmed Tinubu’s administration, particularly the removal of fuel subsidies.
According to Mr. Bayo Onanuga, Special Adviser to the President on Information and Strategy, the estimated N5.4 trillion savings from the subsidy removal in 2024 will be channelled into infrastructure development and social intervention initiatives aimed at benefiting all tiers of government and improving the quality of life for Nigerians.
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Onanuga stated that Atiku Abubakar, the former presidential candidate of the People’s Democratic Party (PDP), should acknowledge the progress the Tinubu administration has made in revenue generation and the country’s economic recovery efforts.
He noted that Atiku’s repeated criticisms lack a realistic alternative, especially given the pressing economic realities Nigeria faces.
In his statement titled *TIME FOR ATIKU ABUBAKAR TO END HIS GRAND ILLUSIONS AND FANTASIES*, Onanuga accused Atiku of undermining President Tinubu’s leadership, claiming that Atiku’s failure in the 2023 election and his untested proposals for the economy demonstrate a fundamental misunderstanding of the nation’s urgent needs.
He further criticized Atiku for suggesting that a lengthy consultation period would have been appropriate at the onset of his hypothetical presidency, arguing that Nigeria required immediate action, which President Tinubu provided.
Onanuga defended the Tinubu administration’s focus on revitalising the country’s refineries, including supporting modular refineries and the Dangote Refinery, which he said would stabilise retail fuel prices and reduce foreign exchange challenges.
He also dismissed Atiku’s proposal to privatise Nigeria’s four refineries, pointing to past attempts to sell off national assets during Atiku’s tenure as vice president, which he claimed were undervalued.
The presidency also addressed Atiku’s allegations of corruption in the oil sector, with Onanuga emphasizing that the fuel subsidy itself had been a major enabler of corruption within the Nigerian National Petroleum Corporation (NNPC).
He noted that President Tinubu’s removal of the subsidy was a necessary reform that eliminated the largest source of corruption within the NNPC.
Further, Onanuga highlighted the success of President Tinubu’s social intervention programmes, including direct cash transfers and the distribution of palliatives, which are aimed at alleviating the impact of subsidy removal on vulnerable Nigerians.
These measures, he stated, have already targeted 20 million Nigerians, with plans for additional programmes like student loans, consumer credits, and the Presidential CNG Initiative.
While Atiku has continued to advocate for a managed float exchange rate, Onanuga questioned its efficacy, noting that it bears the same flaws as the previous system that subsidised foreign exchange for select privileged groups.
He called on Atiku to reconsider his economic proposals, urging him to abandon his “politics of distraction” and engage in more constructive discourse.
Onanuga concluded by reaffirming that President Tinubu’s administration remains focused on leading Nigeria toward a prosperous future, and he called on Atiku to end his divisive rhetoric and focus on building a unified, solution-oriented political dialogue.
