Atiku Accuses Tinubu of Taking Subsidy from Poor, Giving to Rich Investors

Former Vice President Atiku Abubakar has accused President Bola Tinubu’s administration of hypocrisy over its handling of petroleum subsidy, alleging that the government removed the benefit from ordinary Nigerians while granting tax credits and other incentives to major oil investors.

Atiku, in a statement issued on Sunday by his Senior Special Assistant on Public Communication, Phrank Shaibu, described the celebration of subsidy removal by the Tinubu administration as “one of the biggest economic frauds” being sold to Nigerians.

He argued that while Nigerians have been subjected to rising petrol, transportation and food costs, the Federal Government has continued to provide fiscal incentives to operators in the petroleum industry.

According to him, the government’s Deep Offshore Oil and Gas Projects Incentives framework provides qualifying petroleum developments with production tax credits of between $3 and $4.50 per barrel, with supplementary credits capable of raising the combined benefit to as much as $11.50 per barrel in qualifying circumstances.

Atiku questioned the government’s opposition to targeted economic intervention for citizens when similar interventions were being used to support investors.

He also cited NNPC’s audited accounts, which he said recorded about ₦4.84 trillion in energy-security expenses and related shortfalls in 2023 and approximately ₦7.13 trillion in 2024.

Atiku said NNPC had explained that the expenses partly arose from differences between the exchange rate used in determining regulated PMS ex-coastal prices and the prevailing exchange rate when import obligations were settled.

He argued that regardless of whether the expenditure was described as subsidy, under-recovery, shortfall or energy-security cost, public resources were still being used to bridge the gap between the economic cost of petrol and its regulated selling price.

The former vice president said his position was not a call for a return to the former “unlimited, opaque and corruption-ridden subsidy regime,” but for a targeted and transparent intervention to reduce the burden on Nigerians.

He said his Atiku Economic Recovery Plan proposes a capped, budgeted and independently audited intervention with a clearly defined exit mechanism, alongside accelerated domestic refining, increased competition, mass transportation and measures aimed at restoring household purchasing power.

“Atiku is not proposing a return to an unlimited, opaque and corruption-ridden subsidy racket,” the statement said, adding that the proposed intervention would be “targeted, capped, transparently budgeted and independently audited.”

Atiku further accused the Tinubu administration of applying different economic standards to citizens and corporations, arguing that government should not provide incentives to investors while leaving workers, traders, farmers and families to absorb the full impact of rising costs.

He also called on the Federal Government to disclose the beneficiaries and value of major petroleum tax credits, remissions and other incentives, as well as the investments delivered in return.

According to him, economic reform should be measured by whether Nigerians are better off, businesses are productive, jobs are created and household incomes can support basic living costs.

Atiku maintained that markets should function and investments should earn fair returns, but insisted that the Nigerian citizen must remain the ultimate beneficiary of government economic policies.

He concluded by accusing the Tinubu administration of practising “economic apartheid” by providing incentives and protections for corporations while demanding greater sacrifices from ordinary Nigerians.