Amanze Chinonye
Former Vice-President Atiku Abubakar has intensified scrutiny on the financial operations of the Nigerian National Petroleum Company Limited (NNPCL), demanding an immediate forensic audit of the ₦17.5 trillion the company reportedly spent within 12 months on pipeline security, energy-security costs and under-recovery under President Tinubu’s administration.
In a strongly worded statement issued by his media office, Atiku described the expenditure drawn from NNPCL’s audited financial statements for the year ended December 31, 2024 as “one of the most brazen financial scandals in our nation’s history”.
According to the filings, NNPCL spent ₦7.13 trillion on “energy-security costs to keep petrol prices stable” and ₦8.67 trillion on “under-recovery”, a combined figure that almost doubles the ₦9.36 trillion recorded the previous year. Atiku argued that these new labels “energy-security cost” and “under-recovery” were merely rebranded subsidy payments.
Join our WhatsApp Channel“For clarity, Nigeria spent roughly ₦18 trillion on fuel subsidy over twelve years, a national programme that directly cushioned millions of Nigerians,” he said. “Yet, under President Bola Ahmed Tinubu, the country has now expended nearly the same amount in a single year on the same subsidy only now concealed under opaque pipeline-security contracts awarded to private firms tied to associates and cronies of the President.”
He accused the administration of “robbing Peter (Nigerians) to pay Paul (cronies)”, insisting that the scale of the expenditure was incompatible with the government’s claim that subsidy had been removed because the country could no longer afford it.
“At a time when petrol sells for over ₦1,000 per litre in some parts of Nigeria, the public was told to tighten their belts,” Atiku said. “Yet this same government channelled ₦17.5 trillion an amount that could transform our power sector, rebuild refineries, or fund universal healthcare into opaque security contracts conveniently linked to those in power.”
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He raised several questions about the expenditure:
- “Who are the companies paid under these contracts?”
- “What justifies the 38.7% rise in energy-security spending from ₦6.25 trillion in 2024 to ₦8.67 trillion 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?”
Atiku said no administration presiding over what he called “this level of fiscal recklessness” could demand sacrifice from citizens already battling crushing inflation, a weakened naira, soaring fuel prices and widespread hunger.
He insisted that the Tinubu government did not end subsidy but merely “redirected public wealth from the entire nation to a privileged cartel anchored around the Presidency”.
The former vice-president called for the immediate publication of:
- The full list of companies awarded the contracts;
- The scope, deliverables and duration of each contract;
- A halt to all further disbursements pending accountability; and
- An independent forensic audit of the entire ₦17.5 trillion expenditure.
He maintained that Nigerians “deserved transparency, not deceit; leadership, not cronyism; and a government that places national interest above private enrichment”.
As of Monday, neither the Presidency nor NNPCL had responded to Atiku’s demands or addressed concerns surrounding the soaring energy-security and under-recovery figures despite the company also announcing a ₦5.4 trillion profit, a 64 per cent increase year-on-year.
Atiku said the situation was “not merely a financial anomaly but a moral indictment on the Tinubu administration”, insisting it must serve as a clarion call for full accountability in Nigeria’s oil-sector governance.
Amanze Chinonye is a Staff Correspondent at Prime Business Africa, a rising star in the literary world, weaving captivating stories that transport readers to the vibrant landscapes of Nigeria and the rest of Africa. With a unique voice that blends with the newspaper's tradition and style, Chinonye's writing is a masterful exploration of the human condition, delving into themes of identity, culture, and social justice. Through her words, Chinonye paints vivid portraits of everyday African life, from the bustling markets of Nigeria's Lagos to the quiet villages of South Africa's countryside . With a keen eye for detail and a deep understanding of the complexities of Nigerian society, Chinonye's writing is both a testament to the country's rich cultural heritage and a powerful call to action for a brighter future. As a writer, Chinonye is a true storyteller, using her dexterity to educate, inspire, and uplift readers around the world.
