Former Vice-President Atiku Abubakar has faulted the ₦17.5 trillion reportedly spent on pipeline security by the Bola Tinubu administration, describing the expenditure as unprecedented fiscal recklessness and “grand larceny.”
In a statement issued by his media office, Atiku said the Nigerian National Petroleum Company Limited’s (NNPCL) disclosure that it spent ₦17.5 trillion in just 12 months on “securing fuel pipelines and others” amounted to “one of the most brazen financial scandals in our nation’s history.”
He argued that the sum nearly matches the ₦18 trillion Nigeria spent on fuel subsidy over twelve years. “For clarity, Nigeria spent roughly ₦18 trillion on fuel subsidy over a period of twelve years — a national programme that directly cushioned millions of Nigerians, stabilised the transport sector, and helped keep food prices manageable,” he said.
Atiku accused the administration of diverting public funds through opaque contracts allegedly linked to associates of the president. “Indeed, the action of the President is akin to robbing Peter (Nigerians) to pay Paul (cronies),” he stated.
He criticised the government’s justification for subsidy removal, noting: “This is grand larceny dressed as public expenditure.” Despite urging citizens to “make sacrifices,” he said, the government “has now channelled ₦17.5 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 highlighted the rising cost of petrol. “In some places in the country, a litre of PMS goes for over N1,000…” yet, according to him, NNPCL records show the administration spent “N7.13tn on what it calls, ‘energy-security cost to keep petrol prices stable’; another N8.67tn on what it calls ‘under-recovery’.”
He described these terms as “balablu nomenclatures… a new coinage of the Tinubu administration to deceive Nigerians on the government’s fraudulent claim that it was no longer paying subsidies on petroleum products.”
The former vice-president raised concerns over transparency, asking:
“Who are the companies paid under these contracts? What specifically justifies a 38.7 percent rise in the amount of energy-cost from N6.25tn in 2024 to N8.67tn in 2025? Why is pipeline security now more expensive than a decade-long subsidy that served over 200 million Nigerians? Where are the audit reports, parliamentary oversight findings, and cost-validation documents?”
He said an administration that presides over such “fiscal recklessness” lacks the moral authority to demand sacrifice from citizens battling inflation, fuel hikes, hunger, and a weakening naira. “This scandal confirms what Nigerians already know: the Tinubu administration did not end subsidy — it merely redirected public wealth from the entire nation to a privileged cartel anchored around the Presidency.”
Atiku called on the federal government to immediately:
- “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.”
- “Halt further disbursement until accountability is established.”
- “Explain to Nigerians how this expenditure aligns with national priorities at a time of unprecedented economic strangulation.”
He concluded that Nigerians deserve transparency and leadership anchored on national interest, insisting that the ₦17.5 trillion expenditure is “a moral indictment on the Tinubu administration and a clarion call for full accountability.”
