Atiku Calls for FAAC Probe Amid Rising Petrol Prices

Former Vice President Atiku Abubakar has demanded a comprehensive investigation into the Federation Account Allocation Committee (FAAC) revenues and deductions due to the recent increase in petrol prices in Nigeria. Atiku, the presidential candidate of the African Democratic Congress (ADC), criticized President Bola Tinubu’s administration for the economic hardship faced by Nigerians, despite the country’s crude oil earnings.

He highlighted that crude oil was trading at approximately $102.52 per barrel while petrol prices had surged to N1,470 per litre. He contrasted this with 2008, when crude oil reached about $147 per barrel, and petrol was sold for N65 per litre under the late President Umaru Musa Yar’Adua.

Atiku accused the Tinubu administration of operating an opaque system regarding FAAC deductions and demanded a full reconciliation of Federation Account revenues from 2023 to date. He raised concerns about the classification of substantial amounts under various labels and questioned the whereabouts of savings from the removal of the petrol subsidy, emphasizing that Nigerians deserve transparency regarding financial transactions related to oil revenues.