Diesel hits ₦2,000/litre as Nigerian factories shut, Atiku blames Tinubu
Business diesel has surged to ₦2,000 per litre, forcing factories across Nigeria to cut production or shut down entirely. Atiku Abubakar, presidential candidate of the African Democratic Congress, accused President Bola Tinubu's administration of ignoring the energy crisis while pushing a Vienna-listed bond deal to borrow more money. In a statement by his spokesperson Phrank Shaibu, Atiku said manufacturers are spending as much as half of their operating costs just to keep machines running, leaving little for wages, raw materials, transport or profit. He warned that no economy can industrialise under such conditions, predicting that firms will either raise prices, cut output, lay off workers or close, which ultimately hurts ordinary Nigerians through higher prices, fewer jobs and lower household income. Before seeking fresh financing in Vienna, the government must first explain what has happened to record revenues, subsidy savings and the windfall from crude oil prices now above $101 a barrel due to the Iran-US Strait of Hormuz tension. Lagos, Kano, Aba and Nnewi are among the cities feeling the squeeze. The Vienna transaction, Atiku stressed, is not a technical detail for officials but a public issue that demands transparency about how existing funds are being used.