Former Vice-President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has accused President Bola Tinubu’s administration of worsening the cost of production for farmers and manufacturers.

Atiku made the allegation in a statement issued on Wednesday by Phrank Shaibu, Director of Strategic Communications of the ADC Presidential Campaign Council.

He said farmers were battling insecurity while manufacturers were struggling with rising production costs, adding that Nigeria was also losing agricultural export opportunities.

According to him, the decline in agricultural exports means the country is losing jobs and failing to maximise the value of its agricultural produce through local processing.

“Tinubu cannot call this reform when the people who grow our food and the businesses that should process it are being squeezed from both sides,” Atiku said.

He cited trade figures showing that Nigeria’s agricultural trade balance moved from a N740.27 billion surplus in the first half of 2025 to a N56.13 billion deficit in the corresponding period of 2026.

Atiku described the N796.40 billion reversal as a major setback, while noting that agricultural exports declined by 33.3 percent during the period.

“The excuse that Nigerians simply imported too much will not stand. Tinubu’s government must answer for the collapse in what Nigeria sold to the world,” he said.

“The country is losing export earnings, and the President owes farmers, workers and businesses more than another speech about prosperity.”

The former vice-president questioned the administration’s efforts to improve security for farmers, reduce transportation costs for agricultural produce, lower the cost of running processing plants and improve the competitiveness of Nigerian products in international markets.

“Farmers cannot cultivate promises. Manufacturers cannot power factories with speeches. Workers cannot feed their families on assurances that prosperity is coming,” he said.

Atiku also argued that Nigeria was losing significant economic value by exporting agricultural commodities without sufficient domestic processing.

He identified cashew nuts in shell and cocoa beans among the country’s leading agricultural exports, saying more local processing would create jobs and increase earnings.

“We grow the crop. Someone else does more of the processing, builds a business around it and earns the larger return,” he said.

“Then Tinubu speaks of jobs while Nigerian factories struggle to compete. He has made production expensive and called the resulting hardship reform.”

Atiku acknowledged that an agricultural trade deficit could not explain all the challenges facing the sector but insisted that the Tinubu administration should be held accountable for its economic decisions.

“A trade deficit alone does not explain every problem on our farms. But after more than three years in office, the President owns the decisions that have left farmers exposed and producers burdened,” he said.

He also defended his proposed production subsidy for petroleum products refined in Nigeria, saying the measure would encourage domestic production, preserve jobs and retain more value within the economy.

According to him, the proposed subsidy would apply to qualifying products refined locally, including by modular refineries, while imported products would be excluded.

He said the subsidy would be capped, budgeted and independently audited, with measures to ensure that any savings were passed on to consumers and businesses.

Atiku further criticised the administration’s compressed natural gas (CNG) initiative, arguing that the cost of vehicle conversion remained too high for many Nigerians and that conversion kits were not sufficiently accessible.

He also questioned the availability of buses introduced as part of the government’s palliative measures.

“Local refining is about more than the price at the petrol pump. Aviation fuel affects fares. LPG affects the cost of cooking. Petroleum products and feedstocks affect industries and the people they employ,” he said.

Atiku said his proposed administration would prioritise support for farmers and processors while expanding domestic refining capacity.

“Grow it here. Process it here. Refine it here. Create the jobs here. Make life affordable here,” he said.

He accused the Tinubu administration of maintaining Nigeria’s dependence on exports of raw agricultural commodities and crude oil while Nigerians continue to pay high prices for finished products.

“A government that cannot turn our resources into affordable products and decent jobs has failed the people it was elected to serve,” Atiku said.