Atiku Slams Tinubu Over Fuel Price Hike, Demands Probe of FAAC Allocations

Former Vice President Atiku Abubakar has criticised President Bola Tinubu’s administration over the rising price of petrol, while demanding greater accountability in the management of Federation Account Allocation Committee revenues.

Atiku said Nigerians were now paying as much as N1,470 per litre for petrol despite crude oil selling at about $102.52 per barrel, arguing that the current pump price was difficult to justify when compared with previous periods of lower crude prices.

The presidential candidate of the African Democratic Congress also questioned the benefits Nigerians had received from the removal of petrol subsidy, saying the policy had resulted in significant increases in fuel, transportation, food and other living costs.

He demanded that the Federal Government provide a clear account of the savings generated since subsidy removal and explain how the funds had been utilised.

Atiku also raised concerns over the substantial increase in FAAC allocations in naira terms. He cited figures showing that gross FAAC revenue rose from N4.43 trillion in the first half of 2021 to N18.72 trillion in the first half of 2026, an increase of about 322 per cent.

However, he argued that the increase did not necessarily represent greater prosperity because inflation, naira depreciation and declining purchasing power had eroded the real value of the allocations.

The former vice president questioned why higher FAAC revenues had not translated into noticeable improvements in food prices, transportation, electricity supply, healthcare, housing and employment.

He also called for closer scrutiny of government spending, including tax concessions, import waivers, revenue exemptions, duplicated projects and abandoned projects.

Atiku further questioned why state governments remained heavily indebted despite receiving increased allocations from the Federation Account.

He argued that Nigerians deserved to know how additional government revenues were being generated and spent, particularly at a time when the Federal Government was also increasing its borrowing.

The opposition leader urged the Tinubu administration to publish comprehensive records covering government revenue, subsidy savings, oil earnings, FAAC distributions, expenditure and borrowing.

He maintained that higher nominal allocations should not be presented as evidence of economic progress when Nigerians continued to face declining purchasing power and rising living costs.

Atiku said greater transparency was necessary to restore public confidence and ensure that increased government revenues translated into tangible improvements in the welfare of Nigerians.