Former Vice President Atiku Abubakar has accused President Bola Tinubu’s administration of turning the Nigerian National Petroleum Company Limited (NNPC) into a political tool, demanding explanations over the financial implications and corporate approval of its 30-day petrol discount scheme.
Atiku, in a statement issued on Saturday by Phrank Shaibu, Director of Strategic Communication of the African Democratic Congress (ADC) Presidential Campaign Council, questioned whether NNPC Limited was operating as an independent commercial entity or being used to finance the President’s political publicity.
He argued that the government was seeking public applause for a reduction of ₦66 per litre without disclosing who would bear the cost, whether the company’s board approved the decision or how the financial implications would be reflected in its accounts.
According to Atiku, the arrangement raises fundamental questions about corporate governance, transparency and the management of a company established under the Petroleum Industry Act to operate on commercial principles.
“Is the government exercising its rights as shareholder through proper corporate channels, or treating NNPC Limited as a drawer of campaign money it can open whenever an election approaches?” he asked.
The former vice-president accused the Tinubu administration of applying market principles selectively, arguing that government officials routinely invoke market forces to justify high petrol prices but resort to interventions when politically convenient.
“When Nigerians demand affordable petrol, Tinubu’s officials deliver a lecture about market forces. They say prices cannot be wished down. But when Tinubu needs a headline, the Presidency reaches into NNPC’s margin and calls it relief,” Atiku said.
He also questioned the nationwide reach of the discount, arguing that restricting the offer to NNPC Retail outlets could prevent millions of Nigerians from benefiting from the intervention.
Atiku cited the company’s network of slightly more than 900 filling stations, arguing that it was inadequate to deliver a nationwide relief programme in a country with an estimated population of 242 million.
He said motorists living far from NNPC outlets could incur additional transport costs and spend valuable time in queues, potentially diminishing the savings the discount was designed to provide.
The ADC presidential campaign council’s statement also raised concerns about the availability of petrol at participating stations, asking what would happen to motorists who travelled considerable distances only to discover that the outlets had run out of fuel.
“A press release can reach every Nigerian in a second. His discount cannot,” Atiku said, faulting the administration for announcing a national relief initiative whose benefits, he argued, would remain inaccessible to many citizens.
Beyond the accessibility concerns, the former vice-president demanded clarification on whether NNPC Limited’s board approved the discount before its announcement by the Presidency.
He asked the company to disclose the financial calculations behind the decision, the profit margins it would surrender and the accounting arrangements for the resulting costs.
Atiku also dismissed the administration’s reported position that the intervention did not amount to a subsidy, arguing that the terminology used could not eliminate the underlying financial burden.
“The administration says this is not a subsidy. Changing the name of a cost does not make it disappear,” he said.
The former vice-president further accused Tinubu of adopting elements of his proposal for a transparent production subsidy after previously criticising the idea, arguing that the current arrangement fell short of providing meaningful relief to Nigerians.
Addressing the President directly, Atiku said the country needed a sustainable mechanism for making petrol affordable nationwide rather than a temporary discount restricted to selected outlets.
“Bola, you mocked my proposal for a transparent production subsidy. Now you have borrowed its central lesson, that Nigerians need targeted relief, and come back with an app coupon lasting 30 days at a handful of stations,” he said.
He added: “Nigerians need fuel made affordable across the country, not ₦66 they must queue to collect.”
Provided by SyndiGate Media Inc. (Syndigate.info).
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