Atiku Abubakar, the former Vice President of Nigeria, has declared that a majority of Nigerians have rejected the current fuel pricing policy and are demanding the restoration of the petrol subsidy.
The former Vice President noted that a recent SBM Intelligence survey shows 67.4% of Nigerians want the petrol subsidy restored to mitigate the escalating cost of living. The findings suggest that the current economic approach to fuel pricing is failing to meet the needs of the general population.
The announcement was made in a statement issued on Tuesday by his Senior Special Assistant on Public Communication, Phrank Shaibu. Shaibu argued that the survey results provide clear evidence of the intense economic pressure facing households across the country since the removal of the subsidy.
The administration of President Bola Tinubu removed the petrol subsidy in May 2023, a move intended to redirect funds towards infrastructure and social welfare programmes. However, the policy resulted in an immediate and sharp increase in pump prices, which has triggered a cascade of inflation across the Nigerian economy.
Economic hardship and rising inflation
The surge in fuel prices has directly impacted the cost of transportation and food, as the logistics required to move goods from rural farming communities to urban centres have become significantly more expensive. This has contributed to a sustained period of high inflation, which has reduced the purchasing power of many Nigerian families.
According to the statement from Atiku’s office, the survey data reflects a growing sentiment that the current fuel policy is unsustainable for the average citizen. The 67.4% figure represents a significant portion of the population calling for government intervention to provide relief from the current economic climate.
While the federal government has maintained that the subsidy removal was a necessary step for long-term fiscal stability, the political pressure from opposition figures like Atiku Abubakar continues to mount. The opposition frequently uses such data to challenge the effectiveness of the government’s economic reforms and to advocate for more immediate social safety nets.
The presidency has not yet issued a formal response to the specific findings of the SBM Intelligence survey or the claims made by the former Vice President. As the cost of living remains a central issue for the electorate, the debate over the necessity and impact of the subsidy removal is expected to intensify in the coming months.
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