Former Vice President Atiku Abubakar has called on the National Assembly to investigate allegations of covert petrol subsidy payments by President Bola Tinubu’s administration. Atiku, through his spokesperson Paul Ibe, challenged the presidency to be accountable to Nigerians regarding its policies and their consequences.
Atiku accused Tinubu of misleading the public about the government’s stance on petrol subsidies. A report suggests that the fuel subsidy could cost about N5.4 trillion in 2024. This contradicts Tinubu’s promise during his inauguration on May 29, 2023, when he announced the end of the subsidy on Premium Motor Spirit (PMS), also known as fuel.
In his speech, Tinubu stated that the outgoing administration had made no provision for a fuel subsidy in the 2023 budget. “Subsidy can no longer justify its ever-increasing costs in the wake of drying resources,” he said. However, the presidency denied these allegations and reaffirmed its position that the fuel subsidy era has ended.
The presidency clarified that there has been no change in the government’s policy on fuel subsidies since Tinubu’s announcement. It noted that there is no N5.4 trillion provisioned for subsidies in 2024, as widely speculated.
In response, Atiku accused the Tinubu administration of diverting public funds through petrol subsidies. He suggested that this is why the government refuses to reveal the actual amount spent on subsidies. Atiku referenced reports from the World Bank and the IMF, which suggest that Nigeria continues to pay petrol subsidies, contradicting the government’s public stance.
Atiku also claimed that a senior APC member had revealed that the subsidy was still being paid. “The clandestine subsidy regime is one of the reasons investments in the oil sector have refused to come in,” Atiku stated. “Tinubu has brought the shady nature of running Lagos to the federal level. He claims the subsidy is gone, but his Special Adviser on Energy, Olu Verheijen, says they are intervening from time to time, while his Finance Minister, Wale Edun, described subsidy removal as an ‘ongoing process.’”
A document authored by the Coordinating Minister of the Economy, which revealed how much subsidy is being paid, is now being disowned by its authors. Atiku highlighted that both the World Bank and the IMF have revealed that Nigeria is still paying petrol subsidies. He criticized the Tinubu government for not being transparent.
“For a man who claims to be on a mission to attract foreign direct investment, it is ironic that his policy flip-flops and lies are capable of dissuading investors,” Atiku said. “He must come clean on this subsidy issue since he doubles as a petroleum minister.”
Atiku emphasized the need for the National Assembly to investigate this matter thoroughly rather than focusing on “frivolous issues.” He noted that “this denial lends credence that money meant for the Federation Account, which ought to be shared with states and local governments, is being diverted without any form of accountability whatsoever.”
Atiku also urged the National Assembly to be diligent in its responsibilities, particularly in oversight. “Posterity will not be kind to members of the National Assembly if they continue to look the other way while daylight robbery is taking place,” he added.
