Former Vice President Atiku Abubakar has called on the Federal Government to provide full accountability for revenues, savings and deductions accruing since the removal of fuel subsidy, as Nigerians contend with petrol selling for as much as N1,470 per litre.
Speaking on Monday through his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku said subsidy removal was presented to Nigerians as a policy that would free resources for education, healthcare, infrastructure and other essential services.
Nearly three and a half years later, he said, citizens are facing high fuel prices and deserve a clear explanation of how the proceeds have been applied.
‘Petrol at N1,470 per litre is not merely a figure at the filling station. It enters the price of transportation, food, school runs, farming, manufacturing and virtually everything Nigerians buy. Every increase at the pump travels directly into the household budget.
‘After all the sacrifices made by Nigerians, they have a right to ask: where are the subsidy savings and how have they been applied?’ he said.
Atiku referenced official Federation Account Allocation Committee (FAAC) records, noting that in June 2025, gross Federation Account revenue was reported at N4.232 trillion, while N1.818 trillion was distributed, with substantial amounts categorised as cost of collection, transfers, interventions, refunds and savings.
The presidential candidate of the African Democratic Congress (ADC) called for a comprehensive reconciliation of Federation Account revenues from 2023 to date, detailing gross collections, all deductions made before distribution, the statutory basis for each deduction, the receiving accounts and the ultimate application.
‘Nigerians deserve accounts they can interrogate and understand, not accounting labels that discourage questions,’ he said.
The former Vice President also urged full disclosure on the Renewed Hope Infrastructure Development Fund, OML 143, oil-production revenues, NNPC’s international LNG trading operations, and other oil-related revenue flows, to allow for independent verification.
‘Every barrel can be measured, every cargo identified and every legitimate payment traced. Publish the records and allow independent forensic auditors to reconcile them. Transparent records will provide clarity,’ he said.
Atiku also questioned the impact of global crude prices on domestic pump prices.
He noted that with crude oil around $102.52 per barrel, petrol is selling for as much as N1,470 per litre in Nigeria, compared to 2008, when crude reached about $147 per barrel and petrol sold for N65 per litre under the Yar’Adua administration.
He said economic policy must ultimately protect citizens’ welfare.
He further compared domestic fuel costs to those in the United States, where petrol is about $4.31 per gallon, roughly $1.14 per litre, while the U.S. federal minimum wage is $7.25 per hour, compared to Nigeria’s N70,000 monthly minimum wage.
Atiku said that after the hardship associated with subsidy removal, Nigerians are entitled to a detailed account of how savings and oil revenues have been managed.
‘With petrol at N1,470 per litre, Nigerians are asking legitimate questions: where are the savings, where are the revenues, and how have they been utilised for the benefit of the people?’ he said.