Dangote thanks Tinubu for fuel subsidy removal, FX reforms

Former Vice President Atiku Abubakar has criticized the current Federal Government for the skyrocketing price of petrol in Nigeria, arguing that the international oil market crisis cannot be used as an excuse to justify such high rates. Atiku claims that Nigerians are paying as much as N1,470 per litre, which he says affects everything from transportation to food and education.

He accuses the Tinubu administration of mishandling revenues, deductions, and savings from the removal of petrol subsidies. Atiku has accused the administration of engaging in an "organized system of grand larceny" involving opaque deductions from the Federation Account, oil revenues, and parallel funding arrangements. He calls for a full reconciliation of Federation Account revenues from 2023 to date, including all deductions and the ultimate beneficiaries.

Atiku also demands transparency regarding various transactions, such as the Renewed Hope Infrastructure Development Fund and the operations of the NNPC in international LNG trading. He dismisses international market fluctuations as a reason for the high petrol prices, pointing out that crude oil prices at the time were much higher than they are now, yet petrol was sold at a much lower price.

Atiku argues that Nigerians are being subjected to fuel prices similar to those in the United States, while their wages are far lower, resulting in a significant burden on their household budgets.