Former Vice President Atiku Abubakar has released the petroleum component of his 2027 presidential campaign programme, proposing a shift from an opaque import-based subsidy system to a production subsidy for domestic refining. He also demanded that President Bola Tinubu publicly account for petroleum-related costs recorded in government books after the 2023 subsidy removal, including approximately ₦30 trillion in Federation Account revenues, deductions, savings and transfers that require full reconciliation.
The details were released on Wednesday, August 20, in a statement signed by Phrank Shaibu, Atiku's Senior Special Assistant on Public Communication.
Atiku's Proposed Production Subsidy
Under the Atiku Economic Recovery Plan (AERP), qualifying public and private Nigerian refineries would receive domestic crude at a preferential price, but only under strict conditions tied to production output, efficiency and domestic supply. Atiku described the core logic as straightforward: "The subsidy will follow the barrel."
Refineries that receive subsidised crude would be required to supply an independently verified quantity of petroleum products to the Nigerian market at prices that reflect the benefit of the preferential crude cost. Any operator that diverts crude or products to foreign markets, falsifies production records, or fails to pass benefits to consumers would lose eligibility, repay the subsidy received, and face regulatory and legal consequences.
Atiku said eligibility would be governed by objective rules rather than political connections, with allocation based on verified refinery capacity and compliance. The plan sets a fixed annual spending ceiling approved through the federal budget, meaning no refinery or marketer could present the government with an unapproved bill. Independent auditors would verify every subsidised barrel from allocation through refining to the point of domestic delivery.
"No phantom cargoes. No fictitious imports. No unverifiable under-recoveries. No retrospective claims," he said.
The AERP also includes sunset provisions. As domestic refining capacity grows and competition increases, the level of support per barrel would reduce according to predetermined benchmarks. Atiku described the goal as building a refining sector strong enough to eventually need no support at all.
Questions Over Tinubu's Subsidy Removal
Atiku directed sharp questions at the Tinubu administration over its management of petroleum finances since the June 2023 subsidy removal. He pointed to figures in the Nigerian National Petroleum Company Limited's audited financial statements showing roughly ₦4.84 trillion recorded as Energy Security Expenses in 2023 and ₦7.13 trillion in 2024, and said Nigerians deserve a full explanation of what those figures represent.
He also said his team's review of published Federation Account records has identified approximately ₦30 trillion across revenues, deductions, savings and transfers that requires a complete, month-by-month public reconciliation.
"We are not saying ₦30 trillion is fuel subsidy or that ₦30 trillion has been proven stolen. We are saying that approximately ₦30 trillion reflected across Federation revenues, deductions, savings, transfers and related classifications requires a complete, month-by-month public reconciliation," he said.
Atiku added that anyone found through due process to have fraudulently diverted public subsidy funds would face prosecution and asset recovery under his administration.
Tinubu Questioned Over N30 Trillion Revenues
Previously, Legit.ng reported that Atiku called on President Tinubu to publicly account for approximately ₦30 trillion in Federation Account revenues, deductions, savings and transfers that remain without adequate public explanation. The demand, signed by Atiku's Senior Special Assistant on Public Communication, Phrank Shaibu, and dated August 19, 2026, followed the release of July 2026 Federation Account figures. Atiku said he had previously identified roughly ₦28 trillion requiring explanation up to June 2026, and that the July data had pushed the cumulative figure closer to ₦30 trillion.
