Admit Return Of Fuel Subsidy, Atiku Tackles Tinubu

Former Vice President Atiku Abubakar, has challenged President Bola Tinubu to admit the return of fuel subsidy months after the President declared that subsidy was gone.

This followed the declaration of Nigerian National Petroleum Corporation Limited (NNPCL), that it sell petrol at the half landing cost to marketers on the order of the federeal government.

In a statement released on Sunday by his media aide, Phrank Shaibu, the ex-Vice President insisted that fuel subsidy had returned and alleging that it “has become an even wider conduit pipe through which money for funding the 2027 election will come from.”

“Tinubu visited the FMDQ in New York, Qatar and France, where he told lies about removing petrol subsidies. This is not a man who is serious about attracting FDI.

“More worrisome is that he is not even brave enough to admit that subsidy is being paid. The NNPCL admits that N7.8tn is owed to the national oil company by the Nigerian government.

“IMF estimates that subsidy payments this year will constitute three per cent of GDP, which is about $7.5bn. This will be about N11.8tn. Yet, the petrol scarcity continues to linger while the Tinubu administration continues to frustrate the Dangote Refinery and even its own NNPCL facilities.

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“Obviously, the subsidy regime has become an even wider conduit pipe through which monies for funding the 2027 election will come from,” Atiku said.

Atiku also questioned the Federal Government to clarify how Oando Plc, owned by President Tinubu’s nephew, Wale Tinubu, received accelerated approval to acquire the onshore assets of AGIP and ENI.

On Thursday, Oando PLC announced the successful completion of its acquisition of 100 per cent of the shares in Nigerian Agip Oil Company Limited.

In a statement released on Thursday, the company stated, “Today marks a significant milestone for Oando Plc as we proudly announce the finalisation of our agreement with Eni to acquire the entire shareholding of Nigerian Agip Oil Company Limited (NAOC Ltd).”

In a response issued on Sunday, Atiku alleged that Oando received unfair and preferential treatment in the oil and gas sector, which he claimed harmed more capable investors.

“Former Vice President of Nigeria, Atiku Abubakar, has asked the Federal Government to explain why Oando Plc, owned by the President’s nephew, got an accelerated approval to buy the onshore assets of AGIP and ENI, while other transactions such as the Shell/Renaissance deal and the Mobil/Seplat continue to suffer delays,” he said.

Atiku also condemned the House of Representatives for failing to act properly on the NNPCL, which has allegedly moved to “mortgage the country’s national oil assets to vested interests.”

Atiku said, “Within just eight months, the Nigerian Upstream Production Regulatory Commission approved a deal which saw the divestment of ENI/AGIP onshore assets to Oando.

“Within that same period, Nigeria controversially withdrew all litigation against Shell/ENI in the OPL 245 scandal in what has been described as a quid pro quo.

“However, the attempt by Seplat to buy Mobil’s onshore assets has continued to stall for the last three years, even as the consent letter remains on Tinubu’s table. The deal between Renaissance and Shell continues to stall

“In fact, the only deal that has fully scaled through so far is the one involving Oando. We now know why it got accelerated approval.

“Ideally, democracy ought to be the government of the people, for the people, and by the people. But democracy in Nigeria has become the government of Tinubu, by Tinubu, and for Tinubu and his family members.”

He noted that in July 2023, the House of Representatives, following a motion by Miriam Onuoha, instructed the NNPC Ltd to halt the acquisition of OVH assets until its committee completed an investigation.

According to the former Vice President, the committee requested detailed information from NNPC Ltd, including registration documents, board resolutions, audited financial statements, management accounts, and evidence of tax payments.

He alleged that despite these requests, the oil company ignored them and proceeded with transferring ownership and properties in its retail arm to OVH, thus compromising the future of Nigerians.

“Despite the rot in the oil sector, the head of the NNPC, the head of the NUPRC, and the head of the NMDPRA continue to keep their jobs. This is clear evidence that they are fulfilling the mandate given to them by Tinubu.