Tinubu lied to investors on fuel subsidy, Atiku alleges

• Claims President favoured nephew in Agip, Oando deal

Former Vice President, Atiku Abubakar, has accused President Bola Tinubu of misleading foreign investors about the removal of fuel subsidies in Nigeria. He also claimed that the President favoured his nephew in the Agip, Oando deal.

A statement by Atiku’s Special Assistant on Public Communications, Phrank Shaibu, yesterday, alleged that Tinubu made false claims about subsidy removal during his visits to New York, Qatar, and France.

Atiku, the 2023 PDP presidential candidate, warned that Tinubu’s actions could deter Foreign Direct Investments (FDI) in Nigeria. He also criticised the continued petrol scarcity in Nigeria despite claims of subsidy removal.

Atiku described the Tinubu administration’s subsidy regime as a “sham,” citing the NNPCL’s financial statement revealing a debt of N7.8 trillion owed to the national oil company.

Atiku further stated that the IMF estimated subsidy payments to be three per cent of GDP, approximately $7.5 billion (N11.8 trillion), and accused the Tinubu administration of frustrating the Dangote Refinery and NNPCL facilities while using the subsidy regime as a conduit for funding the 2027 election.

He said: “Tinubu visited the FMDQ in New York, visited Qatar, visited France where he told lies about removing petrol subsidies. Obviously, 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 N7.8 trillion 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 $7.5 billion.

“This will be about N11.8 trillion. Yet, the petrol scarcity continues to linger while the Tinubu administration continues to frustrate the Dangote Refinery and even its own NNPCL facilities. Obviously, the subsidy regime has become an even wider conduit pipe through which money for funding the 2027 election will come from,” Atiku said.

ALSO, Atiku challenged the All Progressives Congress-led Federal Government to clarify how Oando Plc, owned by President Bola Tinubu’s nephew, received accelerated approval to acquire the onshore assets of AGIP and ENI.

In a statement released on Thursday, Oando PLC announced the successful completion of its acquisition of 100 per cent of Nigerian Agip Oil Company Limited’s shares.

But Atiku, in his statement, accused Oando of receiving unfair and preferential treatment in the oil and gas sector, which he claimed harmed more capable investors.

The statement reads: “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.”