Former Vice President Atiku Abubakar has declared that no resistance from President Bola Tinubu or his allies would stop him from restoring a targeted fuel subsidy for Nigerians.
Atiku, the presidential candidate of the African Democratic Congress, also accused the Tinubu administration of presenting fuel subsidy removal as a reform while granting fiscal concessions to oil investors.
In a statement issued in Abuja on Sunday by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku said the government’s claim that subsidy had been abolished was inconsistent with tax credits and other incentives available to petroleum operators.
The former vice president based his argument on the audited accounts of the Nigerian National Petroleum Company Limited, which he said showed that government resources were still being used to cover gaps between the cost of petrol and its regulated price.
According to him, NNPC recorded about ₦4.84 trillion in energy-security expenses and related shortfalls in 2023, while its 2024 audited financial statements recorded about ₦7.13 trillion under energy-security expenses.
He said NNPC had explained that the expense was partly caused by the difference between the exchange rate used to determine the regulated PMS ex-coastal price and the prevailing exchange rate when import obligations were settled.
Atiku argued that describing the expenditure as a “shortfall” rather than subsidy did not change its substance, saying public funds were still being used to bridge the price gap.
He also cited the Deep Offshore Oil and Gas Projects Incentives framework, under which qualifying petroleum developments could access production tax credits of $3 and $4.50 per barrel.
Atiku said the incentives showed that the government was willing to intervene in the market when oil investors stood to benefit, while refusing similar relief to Nigerians facing rising living costs.
He accused the administration of applying different economic standards to corporations and ordinary citizens.
Atiku said his proposed Atiku Economic Recovery Plan would provide a targeted and controlled alternative to the previous subsidy regime, which he described as opaque and corruption-ridden.
He said the proposal would involve a capped and transparently budgeted intervention, independent auditing and a clearly defined exit mechanism, alongside accelerated domestic refining, increased competition, mass transportation and measures to restore household purchasing power.
Atiku also demanded that the Federal Government disclose details of petroleum tax concessions already granted, including the beneficiaries and the amount of revenue forgone.
He accused the government of protecting corporate interests while imposing hardship on Nigerian families, describing such an approach as contrary to genuine economic reform.
NAN