Former Vice President Atiku Abubakar has challenged the Bola Tinubu administration to investigate and prosecute him if it has evidence linking him to alleged irregularities in Nigeria’s power-sector spending.
Atiku, the presidential candidate of the African Democratic Congress, ADC, made the challenge on Wednesday while accusing the Federal Government of reviving old allegations to divert attention from questions surrounding the use of funds saved after petrol subsidy was removed.
In a statement by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku said allegations relating to power projects, privatisation and public assets had been repeatedly raised over the years without resulting in his prosecution.
The former Vice President said he was prepared to face any investigation, insisting that allegations against him should be backed by evidence and taken to court.
Atiku explained that although he chaired the National Council on Privatisation during his tenure as Vice President, he did not supervise the implementation of the disputed power projects.
The controversy dates back to the Obasanjo administration, when billions of dollars were committed to power-sector projects. The expenditure later became the subject of investigations by the National Assembly and other government agencies.
Atiku argued that successive administrations had ample opportunity to investigate him if there was evidence of wrongdoing.
He also shifted attention to the revenue generated since the removal of petrol subsidy, demanding an explanation of how the money had been spent.
According to Atiku, Nigerians have experienced significant increases in petrol, transportation and food prices since the subsidy was removed in 2023, while their purchasing power has weakened.
He questioned whether the additional government revenue had translated into enough benefits for ordinary Nigerians.
Atiku also criticised the continued use of tax incentives, waivers, credits and other concessions for major economic interests while citizens bear the effects of higher living costs.
The former Vice President said his demand for accountability would not be silenced by what he described as attempts to resurrect old allegations against him.
Presidency questions Atiku’s subsidy plan
The Presidency responded by accusing Atiku of giving conflicting explanations about his proposal to restore petrol subsidy if elected in 2027.
Special Adviser to the President on Information and Strategy, Bayo Onanuga, said Atiku and his aides had offered different descriptions of the proposed policy within the space of one week.
Onanuga said Atiku’s spokesperson, Paul Ibe, initially stated that the former Vice President would restore subsidy and later phase it out. He said another aide, Phrank Shaibu, subsequently rejected that interpretation and explained that the subsidy would remain until domestic refining increased, supply stabilised and competition improved.
According to Onanuga, Atiku later clarified that he intended to introduce a targeted subsidy.
The presidential aide challenged Atiku to explain how such a policy would operate, including its expected cost, beneficiaries, funding source and the economic conditions that would determine its eventual removal.
Onanuga also rejected the suggestion that petrol prices alone were responsible for the country’s cost-of-living crisis.
He pointed to factors such as exchange rates, insecurity, transportation and logistics costs, flooding and agricultural expenses as additional drivers of inflation.
The Presidency further questioned why a subsidy policy would focus mainly on petrol when crude oil also produces diesel, aviation fuel, kerosene and several industrial products.
Onanuga maintained that Nigeria’s economic challenges required broader solutions rather than what he described as a narrow focus on petrol prices.
APC tells Atiku to go to court
The All Progressives Congress, APC, also challenged Atiku to provide evidence for his allegations that individuals responsible for the country’s political and economic problems had stolen public resources.
The party’s Director of Publicity, Bala Ibrahim, said Atiku should approach the courts if he had facts to substantiate his claims.
His comments followed remarks attributed to Atiku in which the ADC presidential candidate accused political opponents of stealing the 2023 election and damaging the economy.
Ibrahim argued that Atiku, having served as Vice President and contested presidential elections, should understand the importance of presenting evidence through the appropriate legal channels.
NANS opposes subsidy return
The National Association of Nigerian Students, NANS, also criticised Atiku’s proposal to restore fuel subsidy.
NANS President, Akinteye Babatunde, said returning to the former subsidy system without addressing its structural problems could recreate the financial difficulties that led to its removal.
He argued that the previous arrangement placed a heavy burden on government finances, encouraged fuel smuggling and disproportionately benefited high-volume consumers.
However, Babatunde acknowledged the hardship caused by subsidy removal and said the government must demonstrate that the resulting savings are being used productively.
He said Nigerians who have endured higher living costs since the reform should ultimately see improvements in education, healthcare, infrastructure, agriculture and other critical sectors.
The dispute over subsidy policy, public spending and the management of government revenue is expected to remain a major issue as political activities intensify ahead of the 2027 presidential election.
