Former Vice President Atiku Abubakar has criticised the administration of President Bola Tinubu for spending ₦17.5 trillion on pipeline security and related expenditures in a single year, demanding a probe of what he described as a financial scandal and “a moral indictment on the Tinubu administration”.
In a statement issued by the Atiku Media Office on Sunday, the former Vice President noted that the expenditure exceeds 12 years of Nigeria’s fuel subsidy, arguing that it primarily benefits the President’s associates and political allies.
“The report that the Nigerian National Petroleum Company Limited spent a humongous N17.5tn in just 12 months on ‘securing fuel pipelines and others’ stands as one of the most brazen financial scandals in our nation’s history,” Atiku said.
He contrasted this with the ₦18 trillion spent on fuel subsidies over 12 years, a programme that cushioned millions of Nigerians, stabilised transport costs, and kept food prices manageable.
According to Atiku, “under President Bola Tinubu, the country has now expended nearly the same amount in a single year on opaque pipeline security contracts awarded to private firms tied to associates and cronies of the President.”
Describing the spending as “grand larceny dressed as public expenditure,” the statement criticised the government for removing petroleum subsidies while channeling massive funds into “energy-security” and “under-recovery” costs.
“In some places, a litre of Premium Motor Spirit now costs over N1,000. Yet, according to NNPCL records, the administration spent N7.13tn on ‘energy-security costs’ to stabilise petrol prices and another N8.67tn on ‘under-recovery,’” the statement said.
It further alleged that these categories are used to obscure the true beneficiaries of the spending.
Atiku called on the Federal Government to disclose the companies awarded these contracts, the scope and deliverables of each project, and urged that the ₦17.5 trillion expenditure be subjected to an independent forensic audit.
He also called for a halt to further disbursement until accountability is established.
The PUNCH
