Former Vice President Atiku Abubakar has called on the federal government to provide clear information regarding its petrol subsidy policy and crude oil refining operations.
In a post on X (formerly Twitter) on Monday, Atiku criticized what he described as the “unclear” governance under President Bola Tinubu, pointing to recent reports suggesting the continuation of the petrol subsidy despite earlier claims that it had been removed.
Atiku’s remarks followed President Tinubu’s approval of a request by the Nigerian National Petroleum Company (NNPC) Limited to use the 2023 final dividends due to the federation to fund the petrol subsidy.
According to an NNPC forecast, the subsidy bill from August 2023 to December 2023 is projected to reach N6.884 trillion, which could prevent the company from remitting N3.987 trillion in taxes and royalties to the federation account.
“Amidst a contentious dispute between local investors favouring refinery operations and those advocating for imported PMS, the president’s silence is profoundly disconcerting.
“It is paramount that the president, who is intrinsically responsible for overseeing and intervening in such critical disputes to safeguard national interests, steps up to fulfil these expectations.
“It is imperative, therefore, that the Tinubu administration urgently clarifies the entanglements surrounding the subsidy policy and the refining of PMS.”
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Atiku emphasized that only transparent governance can alleviate the difficulties Nigerians face due to fuel scarcity and rising inflation.
He also highlighted the inconsistency between Tinubu’s May 29, 2023, inauguration speech, in which he declared the subsidy “gone,” and the ongoing reports of covert subsidy payments.
Atiku also criticized the delays in re-operating the Port Harcourt refinery, describing it as a “national disgrace” and laying the blame on President Tinubu, who also serves as the minister of petroleum resources. He noted that NNPC Limited’s denials of subsidy continuation only worsened the hardships experienced by Nigerians.
Atiku further warned that the alleged diversion of funds by NNPC adds to the confusion surrounding the subsidy issue, potentially undermining fiscal federalism.
He urged the Tinubu administration to clarify its stance on the subsidy and the status of the Port Harcourt refinery to restore public trust and ensure the nation’s energy security.
On January 3, NNPC denied the return of petrol subsidy, saying it had been removed entirely.
However, on April 15, Nasir el-Rufai, former governor of Kaduna state, said the federal government is spending more on petrol subsidy than before.
Gabriel Ogbechie, chief executive officer of Rainoil Limited, on April 17, claimed the government now spends N600 billion on petrol subsidy monthly.