Atiku tackles Tinubu to admit fuel subsidy return
On Monday, former Vice President Atiku Abubakar challenged President Bola Tinubu to acknowledge the reinstatement of the fuel subsidy, which Tinubu had previously declared eliminated. Atiku, who lost to Tinubu in the 2023 presidential race, claimed that the subsidy has returned and is being used as a “wider conduit pipe” for financing the 2027 election.
In a statement released by his media aide, Phrank Shaibu, Atiku criticized Tinubu for allegedly misleading international audiences about the subsidy removal during visits to the FMDQ in New York, Qatar, and France. “Tinubu’s statements about removing petrol subsidies were false and reflect poorly on his commitment to attracting foreign investment,” Atiku said.
Atiku expressed concern that Tinubu has not had the courage to admit that the subsidy is still in place, noting that the Nigerian National Petroleum Company Limited (NNPCL) claims the government owes it 7.8 trillion naira. The International Monetary Fund (IMF) estimates that subsidy payments this year will account for around 3% of GDP, approximately $7.5 billion or 11.8 trillion naira. Despite these figures, fuel shortages persist, and the Tinubu administration seems to be obstructing both the Dangote Refinery and its own NNPCL facilities.
Atiku also questioned the accelerated approval granted to Oando Plc, owned by President Tinubu’s nephew, Wale Tinubu, for acquiring AGIP and ENI’s onshore assets. Oando announced the successful acquisition of Nigerian Agip Oil Company Limited on Thursday. Atiku accused the Federal Government of unfairly favoring Oando, while other deals, such as Shell/Renaissance and Mobil/Seplat, face delays.
He criticized the House of Representatives for its lack of action regarding the NNPCL’s alleged attempt to mortgage national oil assets. Atiku claimed that within just eight months, the Nigerian Upstream Production Regulatory Commission approved Oando’s acquisition of ENI/AGIP assets, while Nigeria controversially withdrew litigation against Shell/ENI in the OPL 245 scandal. In contrast, the Seplat-Mobil deal remains stalled, and the Shell-Renaissance transaction continues to face delays.
Atiku condemned the current state of democracy in Nigeria, suggesting it now serves Tinubu and his family rather than the people. He noted that despite a July 2023 directive from the House of Representatives to halt the acquisition of OVH assets by NNPC Ltd until an investigation was complete, NNPC proceeded with the transfer, ignoring requests for detailed documentation and compromising the future of Nigerians.
He concluded by accusing the leadership of NNPC, NUPRC, and NMDPRA of fulfilling Tinubu’s mandates rather than addressing the issues within the oil sector. Atiku also alleged that NNPC misled the public about the appointments of former OVH Energy executives to key positions within NNPC Retail, further demonstrating the administration’s problematic conduct.
