Atiku Abubakar urges President Tinubu to clarify the federal government's petrol subsidy policy and crude oil refining amid ongoing confusion. He criticizes the potential continuation of the subsidy despite previous claims of its removal, emphasizing the need for transparency to address Nigeria's fuel scarcity and inflation issues.
Former Vice President Atiku Abubakar has voiced his concerns regarding the federal government's petrol subsidy policy and crude oil refining operations, urging President Bola Tinubu's administration to provide transparency. In a recent post on X, Atiku highlighted the contradictory reports surrounding the government's approach to fuel subsidies, suggesting a lack of clear governance under Tinubu's leadership.
His comments follow reports revealing that Tinubu approved a request from the Nigerian National Petroleum Company (NNPC) Limited to utilize the 2023 final dividends intended for the federation to finance the petrol subsidy. According to NNPC forecasts, the total subsidy bill could reach N6.884 trillion by December, which may hinder the company from remitting N3.987 trillion in taxes and royalties to the federation account.
Atiku argued that transparent governance is essential for alleviating the severe fuel scarcity and rising inflation plaguing Nigerians. He pointed out the discrepancy between Tinubu's promise to end the subsidy during his inauguration and the ongoing financial maneuvers suggesting its continuation.
“This development starkly contrasts with the president’s firm assertions in a national broadcast, where he declared the subsidy regime concluded,” Atiku stated. He emphasized that the inconsistency between the government's promises and actions undermines the credibility of Tinubu's administration and the moral fabric of his leadership.
The former vice president also criticized the prolonged delays in the reactivation of the Port Harcourt refinery, deeming it a national disgrace that falls under the purview of Tinubu, who concurrently serves as the minister of petroleum resources. The continued fuel shortages and skyrocketing prices, compounded by the NNPC's denials, exacerbate the challenges facing the public.
Amid an ongoing debate between local investors favoring domestic refining and those advocating for imported petrol, Atiku stressed the need for decisive government intervention. He warned that reports of NNPC diverting funds meant for other uses to cover subsidy payments could severely impact the integrity of Nigeria's fiscal federalism.
“At this juncture, it is critical for the Tinubu administration to urgently clarify the complexities surrounding the subsidy policy and the refining of petrol,” Atiku concluded, emphasizing that the nation deserves straightforward answers to pressing economic issues.
