The African Democratic Congress (ADC) has warned President Bola Tinubu against further worsening the economic hardship faced by Nigerians following the latest increase in the price of petrol to as much as N1,470 per litre.
The party said the latest increase had placed additional pressure on households and businesses already struggling with high costs of transportation, food, electricity, education and other basic necessities.
The ADC, in a statement issued by its National Publicity Secretary, Mallam Bolaji Abdullahi, on Tuesday, said Nigerians were being pushed close to their limits by the continued rise in the cost of living.
“Every increase in the price of petrol directly raises the cost of living because businesses and households depend on fuel for transportation, electricity and other daily activities. President Tinubu has turned the petrol pump into an instrument of punishment for everyday Nigerians,” the party said.
The opposition party expressed particular concern over the impact of the fuel price increase on education, citing reports that some private schools had raised their fees by between 30 and 40 per cent.
According to the ADC, many parents had not experienced any corresponding increase in their incomes and were already battling higher food prices, rent, transportation costs and other household expenses.
The party, however, said private school owners should not be blamed entirely for the fee increases, arguing that they were also facing rising operational costs, including electricity bills, taxes, petrol, rent and staff salaries.
It said the situation was forcing many families to make difficult choices between feeding their children, paying school fees and meeting other essential needs.
The ADC added that businesses were equally under pressure as the cost of powering facilities, transporting goods and maintaining operations continued to rise.
“At N1,470 per litre, petrol is no longer simply a commodity. It is Tinubu Tax, which has made life unbearable for the majority,” the party said.
The ADC accused the Federal Government of placing the burden of its economic reforms on ordinary citizens while public officials continued to enjoy what it described as extravagant lifestyles.
It argued that reforms should ultimately improve the welfare of citizens rather than deepen poverty and make basic necessities increasingly unaffordable.
“A reform that continuously makes people poorer is not working,” the party said.
The warning came shortly after former Vice President Atiku Abubakar, the ADC presidential candidate, called for a comprehensive investigation into Federation Account Allocation Committee (FAAC) revenues and deductions amid the latest petrol price increase.
Atiku, through his Senior Special Assistant on Public Communication, Phrank Shaibu, questioned why Nigerians were paying as much as N1,470 per litre when crude oil was trading at about $102.52 per barrel.
He compared the current situation with 2008, when crude oil reportedly reached about $147 per barrel but petrol sold for N65 per litre under the late President Umaru Musa Yar’Adua.
“With crude oil around $102.52 per barrel, Nigerians are paying as much as N1,470 per litre. In 2008, when crude oil reached about $147 per barrel, petrol sold at N65 per litre under the Yar’Adua administration,” Atiku said.
The former vice president also questioned the management of oil revenues and deductions from the Federation Account, demanding a reconciliation of revenues from 2023 to date.
He said Nigerians should be able to establish the amount generated, deductions made before distribution, the legal basis for such deductions, the accounts that received the funds and their ultimate beneficiaries.
“Nigerians deserve accounts they can interrogate, not accounting labels designed to discourage questions,” Atiku said.
He also demanded answers on the savings from the removal of petrol subsidy, recalling that Nigerians had been told the policy would release funds for sectors such as education, healthcare and infrastructure.
“After all the pain imposed on Nigerians, they have a right to ask: where are the subsidy savings and where is the money?” he asked.
Atiku further called for scrutiny of financial transactions involving the Renewed Hope Infrastructure Development Fund, OML 143, oil production revenues and the Nigerian National Petroleum Company Limited’s international liquefied natural gas trading operations.
He also sought clarification on allegations involving offshore corporate structures, unofficial crude lifting, maritime surveillance contracts and other alleged revenue flows outside the normal accounting process.
“These allegations are too serious to be answered with press statements and political insults. Every barrel can be measured, every cargo identified and every legitimate payment traced,” Atiku said.
The ADC said the continued rise in petrol prices could have a wider effect on the economy because higher fuel costs feed directly into transportation, food production, manufacturing and the prices of goods and services.
The party said its alternative approach would involve reducing petrol prices through the return of subsidy to support domestic fuel production.
It maintained that cheaper fuel would help lower transportation and production costs and eventually reduce pressure on food and other essential commodities.
The ADC said the 2027 general election would provide Nigerians with an opportunity to decide whether they wanted the current economic direction to continue or preferred the policies being proposed by Atiku.
The party urged the Tinubu administration not to interpret the continued patience of Nigerians as approval of the hardship, warning that citizens were increasingly concerned about the cost of survival.
It said government economic policies must be measured by their impact on ordinary Nigerians and not merely by official claims about reforms and revenue generation.