Kenneth Okonkwo, spokesperson for African Democratic Congress (ADC) presidential candidate Atiku Abubakar, has criticised the Federal Government’s decision to remove the petrol subsidy, arguing that the policy has increased economic hardship and weakened the purchasing power of Nigerians.
Okonkwo made the comments where he defended Atiku’s proposal to make petrol more affordable if elected president in 2027.
He described the subsidy removal as “ill-advised”, arguing that it had failed to provide sufficient benefits to Nigerians despite the government’s position that the policy had released funds for development.
According to Okonkwo, petrol now sells for about N1,300 per litre, meaning a vehicle with a 100-litre tank would require approximately N130,000 to fill.
“N130,000 is almost two times the minimum wage of a Nigerian. Meaning 70,000 naira paid to a Nigerian can only afford him half a tank of his vehicle. No rent, no food, no medical, nothing,” he said.
Okonkwo clarified that Atiku’s proposed approach would not involve returning to the subsidy system that existed before its removal. Instead, he said the former vice president would seek to reduce the cost of refined petrol by ensuring that crude oil is made available to local refineries at affordable prices.
“Atiku is not going back to that. And cannot even go back to that. Why? We have our local refineries now working,” he said.
The ADC chieftain also criticised the performance of the naira under President Bola Tinubu, arguing that the currency had lost significant value despite an increase in the minimum wage.
He compared the previous N30,000 minimum wage, which he said was equivalent to about $60, with the current N70,000 minimum wage, which he valued at roughly $50 using an exchange rate of N1,400 to the dollar.
“Naira has become useless in Tinubu’s government. This government is destroying our currency, destroying our economy,” he said.
Okonkwo said Atiku’s proposed Fuel Affordability Plan (AFAP) would focus on lowering production costs rather than subsidising fuel consumption.
“What Atiku is talking about is that oil is our product. We do not have any basis for producing it in our land by ourselves and still selling it to Nigerians at an unaffordable price,” Okonkwo said.
Addressing Atiku’s previous position that fuel subsidy was unsustainable, Okonkwo acknowledged the former vice president’s earlier stance but argued that the current proposal was different because it would rely on domestic refining and lower production costs.
He also accused the Tinubu administration of fuelling inflation and weakening the naira, saying that increases in nominal wages had not translated into improved purchasing power for Nigerians.
“50% of the 30,000 Naira people were earning before Tinubu came into office has greater value than the 70,000 he’s offering Nigerians,” he said.
Okonkwo further argued that higher government revenue had been offset by the rising cost of living and maintained that Atiku’s economic strategy would prioritise the purchasing power of citizens.
“Atiku is aiming at increasing the quality of Naira, not the quantity of it.”
When asked how Atiku would perform 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.
President Tinubu announced the removal of the petrol subsidy during his inauguration on May 29, 2023. The decision immediately triggered increases in petrol prices, transportation, logistics and production costs and has remained a major subject of economic and political debate.
On Wednesday, however, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the subsidy removal generated N15.8 trillion in resources for Nigeria between June 2023 and December 2025.
Atiku has also reignited the debate over fuel subsidy after promising to restore the policy if elected president in 2027, marking a shift from his position during the 2023 presidential election, when he supported the removal of the subsidy regime.
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