Former Vice President Atiku Abubakar has launched a scathing critique against President Bola Tinubu’s economic policies, linking them directly to the departure of ride-hailing giant Uber from the Nigerian market. Uber recently announced it would end its 12-year operations in Nigeria, effective September 2, 2026.
While the tech giant officially attributed its departure to an internal review of corporate investment priorities across the African continent, Atiku argued that the harsh reality of Nigeria’s current macroeconomic landscape drove the decision.
Economic Pressures and Declining Purchasing Power
Speaking through his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku stated that Nigeria’s deteriorating economic climate has made operations unsustainable for both ride-hailing drivers and commuters. He emphasized that the exit was not due to a lack of demand, but rather an affordability crisis.
The opposition leader’s camp noted that under the current administration’s economy, passengers can no longer afford standard fares, while drivers cannot generate enough income to cover their basic livelihood and operational expenses.
Rising Overhead Costs and Stealth Taxation
Atiku’s statement highlighted several key economic pressures that have crippled the ride-sharing business model in Nigeria, including:
- Fuel Price Hikes: Escalating petrol prices have exponentially increased daily running costs for drivers.
- Currency Volatility: The severe depreciation of the Naira has spiked the cost of vehicle maintenance, spare parts, and car loans.
- Regulatory Taxes: New licensing fees and tax policies introduced under the current administration’s tax reforms have further squeezed profit margins.
According to the statement, these rising costs placed Uber in an impossible position. The platform could not raise fares without completely alienating cash-strapped consumers, nor could it keep prices low without forcing drivers into financial ruin.
Calls for Urgent Economic Intervention
Atiku condemned the administration’s fiscal reforms, calling for an immediate policy shift to stabilize the economy and ease the burden on private enterprises and citizens. He urged the federal government to prioritize making the country affordable again for businesses and everyday citizens, labeling policies that drive businesses out of the country as ‘organized hardship.’