Former Vice President Atiku Abubakar has called for an urgent and independent probe into the N17.5 trillion reportedly spent by the President Bola Tinubu administration on pipeline security and associated costs within a single year.
He described the expenditure as not only unprecedented but also a “moral indictment” on the current government.
In a statement released by the Atiku Media Office on Sunday night, the former Vice President said the spending, captured in the Nigerian National Petroleum Company Limited’s (NNPCL) 2024 audited financial statements, surpasses the total outlay on Nigeria’s fuel subsidy over a 12-year period.
Atiku argued that the N17.5 trillion figure represents one of Nigeria’s biggest financial scandals, insisting that the bulk of the funds appears to benefit individuals closely aligned with President Tinubu.
“The report that the Nigerian National Petroleum Company Limited (NNPCL) spent a humongous N17.5 trillion in just 12 months on ‘securing fuel pipelines and others’ stands as one of the most brazen financial scandals in our nation’s history,” the statement said.
He contrasted this with the N18tn spent on fuel subsidy over 12 years—a programme that, according to him, directly cushioned economic hardship for millions by stabilising transport fares and keeping food prices within reach.
According to Atiku, the administration has effectively spent in one year nearly the same amount used to subsidise fuel for more than a decade, only this time on “opaque pipeline security contracts” allegedly awarded to companies tied to associates and cronies of the President.
Describing the expenditure as “grand larceny dressed as public expenditure,” Atiku faulted the government for eliminating petrol subsidies while committing massive funds to categories such as “energy-security costs” and “under-recovery,” which he said lack transparency.
He cited NNPCL records that show N7.13 trillion was spent on energy-security costs and N8.67 trillion on under-recovery within the year, despite petrol now selling for over N1,000 per litre in some states.
According to its recently released audited financial statement for the full year ended 2024, NNPC Ltd reported a Profit After Tax (PAT) of N5.4 trillion on a revenue of N45.1 trillion.
The N45.1 trillion revenue for 2024 represented an 88 per cent year-on-year growth, while the PAT of N5.4 trillion was a 64 per cent year-on-year rise.
In 2023, the NNPC declared a net profit of N3.297 trillion, an increase of over N700 billion or 28 per cent when compared to the 2022 profit of N2.548 trillion.