Atiku Accuses Tinubu of Favoring Oil Firms Amid Petrol Crisis

Former Vice-President Atiku Abubakar, the African Democratic Congress (ADC) presidential candidate, accused President Bola Tinubu's administration of providing tax incentives and benefits to oil companies amid rising petrol prices and living costs for Nigerians. In a statement released by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku criticized the removal of the petrol subsidy, arguing it contradicts the government's continued support for petroleum investors through tax credits and concessions.

He highlighted that deep offshore oil and gas incentives allow projects to receive production tax credits of $3 to $4.50 per barrel, potentially increasing to $11.50 per barrel. Atiku questioned the government's claim that the petrol subsidy had ended, citing NNPC Limited's accounts showing N4.84 trillion in energy-security expenses for 2023, projected to rise to N7.13 trillion in 2024.

He called for transparency regarding tax credits and incentives in the petroleum sector and proposed a targeted intervention linked to local production to improve competition and restore purchasing power.