By Seun Ibiyemi
Former Vice President Atiku Abubakar has accused the administration of President Bola Tinubu of engaging in massive financial recklessness following reports that the Nigerian National Petroleum Company Limited (NNPCL) spent ₦17.5 trillion on pipeline security and related expenses within one year.
In a statement released on Sunday via his X handle, Atiku described the reported expenditure as “one of the most brazen financial scandals in Nigeria’s history.”
The 2023 presidential candidate of the Peoples Democratic Party (PDP), who is now a chieftain of the African Democratic Congress (ADC), said the amount spent in 12 months is nearly equivalent to the ₦18 trillion Nigeria spent on fuel subsidy over a 12-year period.
Atiku argued that while the previous subsidy regime provided direct relief to millions of Nigerians by stabilising transport costs and moderating food prices, the current administration has diverted a similar amount into what he called “opaque and questionable pipeline security contracts” allegedly awarded to allies of the President.
“Indeed, the action of the President is akin to robbing Peter (Nigerians) to pay Paul (cronies). This is not governance. This is grand larceny dressed as public expenditure,” he said.
He further accused the Tinubu administration of deceiving Nigerians by claiming that fuel subsidies had been removed because the country could no longer afford them.
Despite this, Atiku said NNPCL records show that ₦7.13 trillion was spent on “energy-security cost” and another ₦8.67 trillion on “under-recovery,” terms he described as “balablu nomenclatures” designed to mask the continued payment of subsidies.
The former Vice President questioned why the cost of securing pipelines has now exceeded the total subsidy expenditure that served more than 200 million Nigerians for over a decade.
He also demanded explanations for the rise in energy costs from ₦6.25 trillion in 2024 to ₦8.67 trillion in 2025.
Atiku called on the Federal Government to publish the names of all companies that received the contracts, explain the scope and deliverables of the deals, and subject the entire ₦17.5 trillion expenditure to an independent forensic audit.
He also urged an immediate suspension of further disbursements until full accountability is ensured.
“No administration that presides over this level of fiscal recklessness has the moral authority to demand sacrifice from its people,” he said, adding that Nigerians continue to face crushing inflation, high petrol prices, a weakening naira, and widespread hunger.
Atiku maintained that the controversy reinforces public suspicion that the Tinubu administration did not end fuel subsidy payments but merely redirected the funds to “a privileged cartel anchored around the Presidency.”
He insisted that Nigerians deserve transparency, responsible leadership, and a government that prioritises national interest over private gain.