By Osaretin Osadebamwen
The African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, is seeking to restore the purchasing power of the naira rather than simply increase the amount of currency in circulation, the presidential candidates spokesman, Kenneth Okonkwo, has said.
Okonkwo made the argument while appearing on a national television programme on Sunday night, where he defended Atiku’s economic proposals and criticised the economic policies of President Bola Ahmed Tinubu’s administration.
According to him, Nigerians cannot measure economic progress merely by looking at nominal increases in wages or government allocations when the purchasing power of the currency continues to weaken.
“Atiku is aiming at increasing the quality of naira, not the quantity of it,” Okonkwo said, arguing that the central question should be what Nigerians can actually buy with their earnings.
He illustrated his argument by comparing the minimum wage before Tinubu assumed office with the current wage.
“50 per cent of the ₦30,000 people were earning before Tinubu came into office have greater value than the ₦70,000 he is offering Nigerians,” he said.
Okonkwo said the difference becomes clearer when wages are measured against the exchange rate and the prices of essential commodities.
“He met official exchange rate at ₦500 naira to a dollar. That is $60 when it is ₦30,000. Now, the exchange rate is about ₦1,400 to a dollar. That is $50 at ₦70,000,” he said.
The ADC presidential candidate’s spokesman argued that the purchasing power of the average Nigerian has also been severely affected by the increase in petrol prices.
“With ₦19,500, you can fill up your fuel tank of 100 litres before Tinubu came in, because it was ₦195 per litre. Today, with ₦70,000, you can only get half of that tank of 100 litres,” he said.
For Okonkwo, the figures demonstrate why the government’s emphasis on higher nominal allocations and increased wages does not necessarily translate into improved living standards.
He argued that the same problem affects state governments, saying increased allocations from the Federation Account must be considered alongside the rising cost of infrastructure and other public services.
“The government is destroying our currency, destroying our economy, and they are making their empty boast, thinking that the quantity of naira is the same as quantity of fuel,” he said.
He maintained that Atiku’s economic philosophy would instead focus on improving the real value of the currency and reducing the cost of essential goods and services.
“Atiku is aiming at increasing the quality of naira, not the quantity of it,” Okonkwo reiterated.
The argument formed part of his broader defence of Atiku’s proposed approach to Nigeria’s petroleum sector, particularly the former vice-president’s proposed Atiku Fuel Affordability Plan (AFAP).
Okonkwo rejected suggestions that Atiku’s proposal amounted to a return to the old petrol subsidy regime. He said the proposal was designed to support domestic production rather than subsidise consumption.
“Atiku is not going back to that,” he said, referring to the former subsidy system.
According to him, the previous arrangement became associated with corruption because Nigeria relied heavily on imported petroleum products, creating opportunities for inflated import volumes and costs.
Under Atiku’s proposal, he said, government would instead ensure that domestic refineries have access to Nigerian crude at a price that would allow them to produce refined petroleum products more cheaply.
“What Atiku is saying is, even if you have local refineries working, you have still failed to provide fuel at an affordable price to Nigerians,” Okonkwo said.
He argued that Nigeria should not export its crude oil while domestic refineries struggle to obtain the feedstock required for production.
“Crude oil is our own product, which we are scooping out of the soil without stress. Simply supply the local refineries this crude and they will produce at a cheaper rate,” he said.
Okonkwo linked the issue directly to the cost-of-living crisis, arguing that high production costs are feeding into the prices Nigerians pay for goods and services.
“What we are suffering today is not demand-pull inflation. It’s cost-of-production-induced inflation,” he said.
The ADC spokesman further argued that making fuel more affordable would have consequences beyond the price at filling stations, particularly for transportation and the wider economy.
He said Atiku’s proposed intervention was aimed at insulating Nigerians from excessive volatility in international crude prices by ensuring that domestic refining could operate at a more predictable and affordable cost.
“Because it is our product, Atiku is going to make it stable, so that we do not go into the volatility of the foreign prices of crude,” he said.
Okonkwo’s comments come as Atiku and the ADC position their economic proposals as an alternative to the Tinubu administration’s reform programme ahead of the 2027 presidential election.
For ADS Presidential candidate spokesman, the fundamental measure of an economy should not be how many naira citizens receive but what those naira can purchase.
“Atiku wants to improve the quality of naira, not the quantity of it,” he said, framing the opposition candidate’s economic message around purchasing power, affordability and the restoration of value to the Nigerian currency.
By Osaretin Osadebamwen
The African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, is seeking to restore the purchasing power of the naira rather than simply increase the amount of currency in circulation, the presidential candidates spokesman, Kenneth Okonkwo, has said.
Okonkwo made the argument while appearing on a national television programme on Sunday night, where he defended Atiku’s economic proposals and criticised the economic policies of President Bola Ahmed Tinubu’s administration.
According to him, Nigerians cannot measure economic progress merely by looking at nominal increases in wages or government allocations when the purchasing power of the currency continues to weaken.
“Atiku is aiming at increasing the quality of naira, not the quantity of it,” Okonkwo said, arguing that the central question should be what Nigerians can actually buy with their earnings.
He illustrated his argument by comparing the minimum wage before Tinubu assumed office with the current wage.
“50 per cent of the ₦30,000 people were earning before Tinubu came into office have greater value than the ₦70,000 he is offering Nigerians,” he said.
Okonkwo said the difference becomes clearer when wages are measured against the exchange rate and the prices of essential commodities.
“He met official exchange rate at ₦500 naira to a dollar. That is $60 when it is ₦30,000. Now, the exchange rate is about ₦1,400 to a dollar. That is $50 at ₦70,000,” he said.
The ADC presidential candidate’s spokesman argued that the purchasing power of the average Nigerian has also been severely affected by the increase in petrol prices.
“With ₦19,500, you can fill up your fuel tank of 100 litres before Tinubu came in, because it was ₦195 per litre. Today, with ₦70,000, you can only get half of that tank of 100 litres,” he said.
For Okonkwo, the figures demonstrate why the government’s emphasis on higher nominal allocations and increased wages does not necessarily translate into improved living standards.
He argued that the same problem affects state governments, saying increased allocations from the Federation Account must be considered alongside the rising cost of infrastructure and other public services.
“The government is destroying our currency, destroying our economy, and they are making their empty boast, thinking that the quantity of naira is the same as quantity of fuel,” he said.
He maintained that Atiku’s economic philosophy would instead focus on improving the real value of the currency and reducing the cost of essential goods and services.
“Atiku is aiming at increasing the quality of naira, not the quantity of it,” Okonkwo reiterated.
The argument formed part of his broader defence of Atiku’s proposed approach to Nigeria’s petroleum sector, particularly the former vice-president’s proposed Atiku Fuel Affordability Plan (AFAP).
Okonkwo rejected suggestions that Atiku’s proposal amounted to a return to the old petrol subsidy regime. He said the proposal was designed to support domestic production rather than subsidise consumption.
“Atiku is not going back to that,” he said, referring to the former subsidy system.
According to him, the previous arrangement became associated with corruption because Nigeria relied heavily on imported petroleum products, creating opportunities for inflated import volumes and costs.
Under Atiku’s proposal, he said, government would instead ensure that domestic refineries have access to Nigerian crude at a price that would allow them to produce refined petroleum products more cheaply.
“What Atiku is saying is, even if you have local refineries working, you have still failed to provide fuel at an affordable price to Nigerians,” Okonkwo said.
He argued that Nigeria should not export its crude oil while domestic refineries struggle to obtain the feedstock required for production.
“Crude oil is our own product, which we are scooping out of the soil without stress. Simply supply the local refineries this crude and they will produce at a cheaper rate,” he said.
Okonkwo linked the issue directly to the cost-of-living crisis, arguing that high production costs are feeding into the prices Nigerians pay for goods and services.
“What we are suffering today is not demand-pull inflation. It’s cost-of-production-induced inflation,” he said.
The ADC spokesman further argued that making fuel more affordable would have consequences beyond the price at filling stations, particularly for transportation and the wider economy.
He said Atiku’s proposed intervention was aimed at insulating Nigerians from excessive volatility in international crude prices by ensuring that domestic refining could operate at a more predictable and affordable cost.
“Because it is our product, Atiku is going to make it stable, so that we do not go into the volatility of the foreign prices of crude,” he said.
Okonkwo’s comments come as Atiku and the ADC position their economic proposals as an alternative to the Tinubu administration’s reform programme ahead of the 2027 presidential election.
For ADS Presidential candidate spokesman, the fundamental measure of an economy should not be how many naira citizens receive but what those naira can purchase.
“Atiku wants to improve the quality of naira, not the quantity of it,” he said, framing the opposition candidate’s economic message around purchasing power, affordability and the restoration of value to the Nigerian currency.
