For years, many economists have called for the removal of fuel subsidies to drive economic growth and development. In fact, most presidential candidates promised to end fuel subsidies in 2023.
The push for subsidy removal began during the Buhari administration. Despite pressure from the IMF and World Bank, President Buhari resisted for all eight years of his tenure. In an interview with Al Jazeera, he said he would not devalue the naira or remove fuel subsidies because Nigeria lacked stable power, had low production levels, and even imported basic items like toothpicks. With that foundation, he argued, economic development was not realistic. In short, he disagreed.
In my view, and in the view of many Nigerians, the country endured three years of economic hardship and institutional decline under the current ruling party. Poorly conceived policies led to the collapse of key industries and a sharp rise in youth unemployment.
On the very day of his inauguration, President Bola Ahmed Tinubu announced the removal of fuel subsidies without a clear plan to cushion the impact. The result was an immediate spike in the cost of living and deeper public hardship. The administration has also faced repeated allegations of corruption, including claims of fake agencies operating under the government and concerns about influence from the president’s inner circle.
Atiku Abubakar has consistently spoken out against injustice and political irregularities. He has condemned the government’s mismanagement of public resources, reckless borrowing despite subsidy removal, and the devaluation of the naira. A major concern is the government’s persistent failure to implement capital projects, even a year into the budget cycle.
Recently, Atiku Abubakar stated that if elected president, he would reinstate fuel subsidies. This has raised a key question for Nigerians: how would the subsidies be paid for? One economist I agree with, Professor Riwani, argued that fuel subsidies could return if the government prioritized domestic production.
Similarly, Emir Muhammadu Sanusi, who once championed subsidy removal, has now expressed concern over economic stagnation despite the policy change. Recent reports from global institutions also show that Nigeria’s economy is not growing, despite the government’s reforms.
From my understanding of political economy, addressing Nigeria’s stagnation requires a comprehensive economic recovery plan focused on industrial revival. We must resuscitate dilapidated industries to stimulate job creation, boost local production, and reduce dependence on imports. That is the foundation for sustainable growth. However, implementation requires leadership with the capacity and a well-designed blueprint for economic development.
With economic development, democracy, and stability at stake, many Nigerians now see Atiku Abubakar as a credible alternative for national renewal. The responsibility lies with every citizen to unite, protect democratic values, and elect a government committed to the welfare of the people in the forthcoming election.
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