Former Vice-President and ADC presidential candidate, Atiku Abubakar, don accuse President Bola Tinubu government of giving oil companies tax incentives and other financial benefits while ordinary Nigerians dey struggle with high petrol prices and rising cost of living.

Atiku, through him Senior Special Assistant on Public Communication, Phrank Shaibu, say the government’s decision to remove petrol subsidy no make sense alongside the tax credits, concessions and other incentives wey government dey give petroleum investors.

He argue say Nigerians were told say subsidy removal was necessary and that everybody must endure the hardship as part of economic reforms. But according to Atiku, government dey provide financial relief and incentives for major oil investors while Nigerians continue to face high transportation costs, expensive food and other economic difficulties.

Atiku specifically point to incentives for deep offshore oil and gas projects. He claim say eligible projects fit receive production tax credits of between $3 and $4.50 per barrel, while other incentives could push the total benefit to about $11.50 per barrel in some cases.

He therefore question why government intervention should favour investors but become controversial when Nigerians need relief.

Atiku also challenge the Federal Government’s claim that petrol subsidy don completely end. He referred to NNPC Limited audited accounts, saying the company recorded about N4.84 trillion in energy-security expenses and related shortfalls in 2023, while the figure reportedly rose to about N7.13 trillion in 2024.

According to him, part of these expenses came from the difference between the exchange rate used to determine regulated petrol prices and the exchange rate used when import obligations were settled.

Atiku therefore ask where the subsidy really disappear go, if government still dey spend trillions of naira to cover gaps connected to petrol pricing.

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He said government should not simply change the name of the payment and claim subsidy don disappear. According to him, if public money still dey used to cover the difference between the actual cost of petrol and the price wey people pay, Nigerians deserve clear explanation.

On his own economic plan, Atiku said he no intend to bring back the old subsidy system wey he described as open-ended and lacking transparency. Instead, he proposed a targeted and limited intervention wey government go properly budget and independently audit.

He said the plan would also focus on increasing local petrol production, expanding refining capacity, encouraging competition and helping Nigerian households regain purchasing power.

Atiku further called for greater transparency around tax credits, tax remissions and other incentives given to petroleum companies. He wants government to disclose the companies benefiting, the amount of revenue involved and the investments delivered in return.

He also argued that Nigerian-owned businesses should get fair and transparent access to similar incentives.

The former vice-president said the success of any economic reform should not be measured by how much hardship Nigerians can tolerate, but by whether the reforms actually improve their standard of living.

Atiku had earlier promised that if he wins the 2027 presidential election, he would restore petrol subsidy. President Tinubu later criticised the proposal, describing Atiku as “ignorant of governance and the economy.”