New Telegraph

Atiku’s Aide Accuses FG Of Diverting Fuel Subsidy Funds

Phrank Shaibu, the Special Assistant to the presidential candidate of the People’s Democratic Party (PDP) Atiku Abubakar, on Public Communication has said that the All Progressives Congress (APC)-led Federal Government has refused to respond to recent news regarding the reinstatement of the petrol subsidy.

Shaibu who stated this in a statement issued on Monday in Abuja in response to IMF allegations that the Nigerian government has resumed paying the fuel subsidy said the development indicates that public monies have started to flow into private hands.

According to media estimates, the monthly payment for subsidies is around N1 trillion, which is more than the amount that the administration of President Muhammadu Buhari used to pay.

In response to the controversy, Shaibu stated that it had become evident that funds were being diverted under an obscure and covert subsidy scheme, which was one of the reasons Nigerian National Petroleum Company Limited had not been depositing the requisite amount of money into the government’s account.


He said, “Tinubu has been boasting at every economic forum that he deserves to be in the Guinness Book of Records for removing petrol subsidy. He even said before ringing the closing bell at NASDAQ in New York last September that the ‘corrupt subsidy’ regime and FX issues had been resolved.

“But as with every other thing relating to Tinubu, this has turned out to be another lie from the pit of hell. Currently, the exchange rate based on what the Central Bank of Nigeria recommended to the Nigeria Customs Service is N1515/$1. Hence diesel price is now over N1,200 but petrol is still selling for between N600 and N700.

“Nigeria is the only country in the world where such disparity between diesel and petrol exists. It has become obvious that the petrol subsidy has returned through the backdoor. With the return of petrol subsidy, oil marketers have opted out and that is why the NNPC has returned to being the sole importer of petrol once more and has the temerity to announce that it will not increase petrol cost regardless of the international price of crude oil and the exchange rate.

“To be clear, petrol subsidy in itself is not a bad thing when it is done transparently. BusinessDay reported that this subsidy now consumes nearly N1 trillion monthly. We had taken this as a rumour but the fact that the government has remained silent 72 hours after the report was published shows that the report is true.

“Former CBN Governor, Lamido Sanusi, expressed shock last month that NNPC was still not remitting FX into the government’s accounts. It is now obvious why this has been happening. Subsidy has returned but it is now being done in a corrupt and secret manner as funds are now being diverted into private pockets even worse than under Buhari. This is the Tinubu Lagos legacy from Lagos State.”

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