Atiku Abubakar Calls Tinubu's Subsidy Removal Economic Fraud

Atiku Abubakar, the former Vice President of Nigeria, condemned President Bola Tinubu's announcement of subsidy removal as a significant economic fraud against Nigerians. In a statement from his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku argued that the Tinubu administration cannot claim to have eliminated subsidies while simultaneously offering tax credits and fiscal incentives to petroleum industry operators.

He criticized the government's narrative, stating that while Nigerians face soaring petrol prices and increased costs of living, the administration provides substantial benefits to major oil investors. Atiku highlighted that under Tinubu's Deep Offshore Oil and Gas Projects Incentives framework, qualifying developments can receive production tax credits ranging from $3 to $4.50 per barrel, potentially reaching $11.50 per barrel.

He pointed out discrepancies in the government's approach to subsidy removal and the financial reports from the Nigerian National Petroleum Corporation (NNPC), which indicated significant energy-security expenses in 2023 and 2024.