Kenneth Okonkwo, a chieftain of the African Democratic Congress (ADC), has criticised President Bola Tinubu’s economic policies, particularly the removal of fuel subsidy, saying they have worsened hardship and reduced the purchasing power of Nigerians.
Okonkwo said the high cost of petrol had placed additional pressure on households, arguing that workers now spend a significant portion of their income on transportation and other basic needs. He said the depreciation of the naira had further weakened the value of wages.
The ADC chieftain also argued that the N70,000 minimum wage under Tinubu had less purchasing power than the N30,000 wage under the previous administration because of inflation and rising living costs.
Defending former Vice-President Atiku Abubakar’s proposed fuel affordability plan, Okonkwo said the proposal was not a return to the previous subsidy regime. He explained that it would focus on reducing production costs and making locally refined petroleum products more affordable.
Okonkwo said the government should prioritise policies that strengthen the naira and improve Nigerians’ purchasing power rather than relying mainly on increases in nominal wages.
