Former Vice President Atiku Abubakar has demanded a full investigation into the reported N17.5 trillion spent on pipeline security and related energy costs by the administration of President Bola Tinubu within one year, describing the figure as a major financial scandal and a moral indictment on the government.
In a statement issued by the Atiku Media Office on Sunday, the former Vice President said the expenditure was excessive, opaque and far higher than the total fuel subsidy spending over a 12 year period. He argued that while subsidy payments previously helped millions of Nigerians cope with the high cost of living, massive funds are now being channelled into security contracts that allegedly benefit individuals linked to the current administration.
Atiku said the N17.5tn figure nearly equals the N18tn reportedly spent on fuel subsidies over 12 years, which helped stabilise transport costs and food prices across the country. He criticised the removal of subsidy shortly after the change of government, while significant funds are still being expended under what he described as energy security and under recovery costs.
According to him, records from the Nigerian National Petroleum Company Limited show that N7.13tn was spent on energy security to stabilise petrol prices, while N8.67tn went into under recovery, representing the difference between import costs and regulated pump prices. He also raised concerns about additional receivables from the federation estimated at N8.84tn.
The former Vice President called on the Federal Government to disclose the companies handling the pipeline security contracts, the details of the projects and the beneficiaries. He demanded an independent forensic audit of the entire N17.5tn expenditure and urged the suspension of further disbursement until full accountability is achieved.
Atiku further questioned the sharp rise in energy costs, the absence of audit reports and parliamentary oversight documents, and why pipeline security now costs more than a decade of fuel subsidy. He insisted that a government presiding over such spending has no moral authority to ask Nigerians to make further sacrifices amid inflation, fuel price hikes and economic hardship.
