Former Vice President, Alhaji Atiku Abubakar, has accused President Bola Ahmad Tinubu's government of deceit regarding the removal of the fuel subsidy.
He stated that it is unacceptable for the government to claim it has ended the fuel subsidy while secretly providing oil sector investors with tax breaks, financial subsidies, and other special privileges.
In a statement issued on Sunday by his media aide, Phrank Shaibu, Atiku described the Tinubu administration's claims about removing the subsidy as one of the biggest economic frauds committed against Nigerians.
He noted that while the masses face soaring prices for petrol, transportation, and food, the government continues to reduce business risks for major oil industry investors by granting them tax exemptions and other forms of support.
Furthermore, he pointed to the NNPC's financial records, stating that nearly 4.84 trillion Naira was spent in 2023 and 7.13 trillion Naira in 2024 on what was termed "energy security" and other fuel price shortfalls.
In the statement, Atiku questioned why the government claims the fuel subsidy has ended when public funds are still being used to cover some of these price gaps.
The former vice president clarified that his Atiku Economic Recovery Plan does not seek to bring back the old fuel subsidy regime, which he described as opaque and fraught with corruption.
According to him, his goal is to provide a limited, transparent subsidy with auditable expenditures, alongside boosting domestic crude oil refining, promoting market competition, and establishing an efficient transportation system.
Atiku emphasized that he is not opposed to granting privileges to investors, but such mechanisms should instead be utilized to ease the harsh cost of living for ordinary citizens.
Additionally, Atiku demanded that the government disclose the exact beneficiaries of these tax breaks and special privileges in the oil industry, along with the total revenue the government is losing as a result.
He argued that the true measure of successful economic reform should not be the level of suffering endured by citizens, but rather whether their standard of living has improved, businesses have thrived, jobs have been created, and families can meet their daily needs.
Finally, Atiku reiterated that he will continue to advocate for a targeted subsidy system designed to help Nigerians struggling with the high cost of living, despite opposition from the Tinubu administration.