By Laraba MUREY
Former Vice President Atiku Abubakar has faulted the Federal Government for spending a “humongous N17.5 trillion in just 12 months” on “securing fuel pipelines and others”, saying the expenditure is one of the most “brazen financial scandals in our nation’s history.”
Atiku, in a statement by his media office in Abuja, said Nigeria spent roughly N18 trillion on fuel subsidy over a period of twelve years, describing the situation as “a national programme that directly cushioned millions of Nigerians, stabilised the transport sector, and helped keep food prices manageable.”
He noted that under the present administration, the country has now expended nearly the same amount in a single year on “same subsidy and opaque pipeline security contracts awarded to private firms tied to associates and cronies of the President”, adding that the action of the President is akin “to robbing Peter (Nigerians) to pay Paul (cronies).”
The opposition leader said the present administration justified the removal of fuel subsidy and Nigerians were told to tighten their belts, endure hardship, and make sacrifices, adding that the administration has now “channelled N17.5 trillion, an amount that could transform Nigeria’s power sector, rebuild our refineries, or fund universal healthcare into opaque security contracts whose beneficiaries are conveniently linked to those in power.”
Atiku stated that records by the NNPCL showed the present administration has spent N7.13tn on what it called “energy-security cost to keep petrol prices stable”; another N8.67tn on what it calls “under-recovery.”
Consequently, Atiku noted that government must, without delay, “publish the full list of companies awarded these contracts; disclose the scope, deliverables, and duration of each contract, subject the entire ₦17.5 trillion expenditure to an independent forensic audit and halt further disbursement until accountability is established.”
He also said the present administration must also “explain to Nigerians how this expenditure aligns with national priorities at a time of unprecedented economic strangulation. Nigerians deserve transparency, not deceit. They deserve leadership, not cronyism. And they deserve a government that places national interest above private enrichment.
“This ₦17.5 trillion pipeline-security expenditure is not merely a financial anomaly, it is a moral indictment on the Tinubu administration and a clarion call for full accountability.” he said.
Findings showed that out of the total amount, N7.13tn was spent as energy-security costs to keep petrol prices stable whenever the gap between the exchange rate and the ex-coastal price of refined petrol widened.
This is according to NNPC’s 2024 consolidated financial statements.
The costs also showed that a significant portion of the expenditure went into safeguarding Nigeria’s critical oil and gas infrastructure.
This included pipeline surveillance, repairs, prevention of crude oil theft, and security operations aimed at ensuring an uninterrupted energy supply across the country.
