Introduction

Former Vice President Atiku Abubakar has intensified his criticism of President Bola Tinubu's administration over the rising cost of petrol, which now sells for as much as ₦1,470 per litre. The comment comes amid ongoing debate about the sustainability of fuel pricing policies and the transparency of Nigeria's oil revenue management.

What Happened

Atiku faulted the Tinubu government's handling of fuel costs, noting that Nigerians are paying significantly more per litre today compared to previous administrations despite lower international crude prices. He pointed out that with crude oil at approximately $102.52 per barrel, the current pump price represents a steep increase from ₦65 per litre in 2008, when oil traded around $147 per barrel under the late President Umar Musa Yar'Adua.

The former presidential candidate alleged that the administration has presided over a pattern of opaque revenue management and questionable financial practices, citing FAAC records from June 2025 that showed gross revenue of ₦4.232 trillion, with only ₦1.818 trillion distributed to states. The shortfall was attributed to cost of collection, transfers, interventions, refunds, and savings.

Atiku demanded a full reconciliation of Federation Account revenues from 2023 to the present, calling for transparency on gross collections, every deduction made before distribution, the statutory authority for each deduction, the receiving accounts, and ultimate beneficiaries. He also called for disclosure regarding the Renewed Hope Infrastructure Development Fund, OML 143, NNPC's international LNG trading, and other alleged off‑book revenue flows.

Why This Matters

The fuel price hike affects virtually every aspect of Nigerian life, from transportation and food costs to education, healthcare, and agricultural production. Atiku emphasized that every increase at the pump travels directly into household budgets, particularly at a time when the national minimum wage stands at ₦70,000 per month while U.S. petrol averages about $1.14 per litre and its federal minimum wage is $7.25 per hour.

Critics argue that the subsidy removal policy, initially promised to free resources for essential services, has not delivered the expected dividends. Nearly three and a half years after the policy shift, fundamental questions remain unanswered about where subsidy savings have gone and whether public funds are being managed responsibly.

The demand for accountability extends to NNPC's international operations, offshore corporate structures, and maritime surveillance contracts, with Atiku stating that if all records are in order, they should be published for independent forensic audit.

Key Takeaways

  • Petrol now sells for up to ₦1,470 per litre, a dramatic rise even as international crude prices have softened.
  • Atiku alleges lack of transparency in FAAC revenue distribution and calls for a full audit from 2023 to present.
  • The administration faces pressure to disclose details of oil revenue management, including NNPC LNG trading and offshore accounts.
  • The wage‑fuel price gap between Nigeria and advanced economies highlights the economic strain on ordinary citizens.
  • Independent forensic audits and public disclosure of revenue flows are demanded to restore trust.

Conclusion

As fuel prices continue to impact millions of Nigerians, the call for transparency and accountability in oil revenue management grows louder. Atiku's latest demand underscores the need for government to prove that subsidy removal benefits are reaching the intended sectors, or to reconsider policies that place disproportionate burden on citizens without clear returns.