Table of Contents
- Atiku's Criticism of the Federal Government
- Financial Scandal Allegations
- Comparison to Fuel Subsidy Expenditure
- Concerns About Opaque Contracts
- Questioning Subsidy Removal Justification
Former Vice President Atiku Abubakar has condemned the Federal Government regarding reports that the Nigerian National Petroleum Company Limited expended N17.5 trillion in just one year on securing fuel pipelines, labeling this development as unprecedented and concerning.
Atiku expressed these views on Sunday in a statement from his media office, emphasizing that this revelation is one of the most blatant financial scandals in the nation's history.
The statement drew a comparison between the alleged expenditure and Nigeria’s fuel subsidy spending over more than a decade, stating: "For clarity, Nigeria invested approximately N18 trillion in fuel subsidies over a span of 12 years, a national program that directly supported millions of Nigerians, stabilized the transport sector, and helped maintain manageable food prices."
According to the statement, the Tinubu administration has allocated nearly the same amount in a single year to unclear security contracts.
“Yet, under President Bola Ahmed Tinubu, the country has now spent almost the same amount in just one year on both the subsidy and unclear pipeline security contracts awarded to private firms associated with the President's allies and cronies.
“Indeed, the President's actions resemble robbing Peter (the Nigerian people) to pay Paul (cronies). This is not governance; it is grand theft masquerading as public expenditure,” the statement continued.
The former Vice President also challenged the Tinubu administration's rationale for removing the subsidy.
“Nigerians were urged to tighten their belts, endure hardships, and ‘make sacrifices.’
“However, the same administration has now redirected N17.5 trillion—an amount that could revolutionize Nigeria’s power sector, restore our refineries, or finance universal healthcare—into unclear security contracts whose beneficiaries are conveniently connected to those in power,” he remarked.
What did Atiku Abubakar criticize the Federal Government for?
Atiku Abubakar criticized the Federal Government for spending N17.5 trillion in a single year on securing fuel pipelines, calling it unprecedented and a significant financial scandal.
How does the recent spending compare to previous fuel subsidy expenditures?
The statement compared the recent spending to Nigeria's fuel subsidy expenditure, which amounted to approximately N18 trillion over 12 years, highlighting that the subsidy program directly benefitted millions of Nigerians.
What concerns did Atiku raise about the security contracts?
Atiku raised concerns that the funds were allocated to opaque security contracts linked to the President's associates and cronies, questioning the transparency and governance of such expenditures.
What was Atiku's stance on the removal of the fuel subsidy?
Atiku questioned the justification for the removal of the fuel subsidy, noting that the same administration that urged Nigerians to make sacrifices has diverted significant funds into unclear contracts instead of addressing pressing national needs.
Eze Chidiebere Paul
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