Former Vice President Atiku Abubakar has criticized President Bola Tinubu’s administration. He specifically called out the spending of N17.5 trillion in one year on pipeline security and related costs. Atiku is demanding a probe of what he terms a financial scandal.
In a statement released Sunday by his Media Office, the former Vice President argued the expenditure primarily benefits the President’s political allies. He noted this single-year amount exceeds the total N18 trillion spent on fuel subsidy over the last 12 years.
“The report that the Nigerian National Petroleum Company Limited spent a humongous N17.5tn in just 12 months on ‘securing fuel pipelines and others’ stands as one of the most brazen financial scandals in our nation’s history,” Atiku said.
He highlighted the contrast: the 12-year subsidy stabilized costs for millions of Nigerians. Now, he claims, the nation spent nearly the same amount in one year on opaque contracts. These contracts are allegedly tied to private firms linked to the President’s associates. Atiku described the spending as “grand larceny dressed as public expenditure.” He criticized the removal of the petroleum subsidy while massive funds are channeled into security and “under-recovery” costs.
The statement noted that petrol now costs over N1,000 per litre in some places. Yet, NNPCL records show the administration spent N7.13tn on “energy-security costs” and another N8.67tn on “under-recovery.” These categories, Atiku alleges, are used to obscure the true beneficiaries.
Atiku called on the Federal Government to disclose the companies awarded the contracts. He also demanded details on the project scope and deliverables. He urged that the N17.5tn expenditure be subjected to an independent forensic audit. He called for an immediate halt to further disbursement until accountability is established.
He posed critical questions: What justifies a 38.7% rise in energy cost from N6.25tn in 2024 to N8.67tn in 2025? Why is pipeline security now more expensive than a decade-long subsidy? Where are the audit reports and parliamentary oversight findings?
Atiku argues that any administration with such fiscal recklessness lacks the moral authority to demand sacrifices from Nigerians. Citizens are grappling with high inflation, soaring fuel prices, and widespread hunger.
He concluded: “Nigerians deserve transparency, not deceit. They deserve leadership, not cronyism. And they deserve a government that places national interest above private enrichment. N17.5tn pipeline-security expenditure is not merely a financial anomaly, it is a moral indictment on the Tinubu administration and a clarion call for full accountability.”
The NNPCL’s 2024 financial statements reportedly include this N17.5tn charge. It covers energy-security costs, under-recovery, and other security-related receivables. While security spending is necessary, the lack of transparency amid pressing national needs raises serious concerns.
