Atiku Challenges Federal Government on $16bn Power Spending Claims

The former Vice President, Atiku Abubakar, has issued a direct challenge to the Federal Government, urging them to investigate and prosecute him if they possess any concrete evidence linking him to the alleged $16 billion expenditure in the power sector during his time in government. Atiku, who was the presidential candidate for the African Democratic Congress, also accused President Bola Tinubu's administration of reintroducing old allegations. He suggests this is a deliberate strategy to divert public attention from pressing questions regarding the utilization of revenues saved following the removal of the petrol subsidy.

In a statement released on Wednesday by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku stated that the renewed focus on past allegations concerning power sector initiatives, privatization, and public assets aims to distract citizens from the severe economic hardships currently facing Nigerians. Furthermore, he demanded accountability from the government regarding the revenues generated since the removal of the petrol subsidy, posing the pointed question, "Where is the people’s money?"

Atiku highlighted that these allegations against him have resurfaced repeatedly over the years without any resulting prosecution, despite successive governments having full access to the state's investigative machinery. He noted, "The National Assembly investigated the power projects. I was never invited to answer any allegation of wrongdoing."

He further clarified his role: "Yes, I chaired the National Council on Privatisation as vice president. But on the power project, I disagreed with its concept and did not preside over its implementation. The responsible minister did. The same applies to the Aluminium Smelter matter." Atiku reiterated his long-standing readiness for scrutiny: "I have repeatedly asked to be investigated. I left office in 2007 and have spent much of the period since then opposing governments in power. If there is evidence that I stole public money, why has no government produced it before a court?" He concluded, "It is still not too late. Investigate me. Invite me. Produce the evidence. Prosecute me if you have a case. But propaganda cannot substitute for evidence."

This latest challenge from the ADC stalwart emerges amidst a heightened political standoff between the opposition and the Federal Government, centering on the nation's economic state and the effects of the administration's reforms. Atiku has consistently made the economic fallout from the subsidy removal a core element of his critique of the current administration, arguing that Nigerians have experienced significant hikes in the prices of petrol, transport, food, and other essential goods without seeing commensurate benefits from the additional government revenues.

He suggested that the controversy surrounding power projects is being rekindled because his calls for increased transparency over the proceeds of subsidy removal have become politically inconvenient for the administration. Atiku reminded, "They removed subsidy from the poor and promised that the sacrifice would free resources for development. Nigerians accepted extraordinary pain on that promise." He lamented the current situation: "Today, petrol is more expensive, transportation is more expensive, food is more expensive and the purchasing power of the Nigerian worker has been devastated."

He also raised concerns about the government’s fiscal priorities, alleging that while ordinary Nigerians are urged to endure the consequences of subsidy removal, powerful economic interests continue to benefit from various fiscal incentives. "Meanwhile, government revenues have increased, while fiscal incentives, waivers, tax credits and concessions continue to be available to powerful economic interests," he stated, reiterating his crucial query: "So our question remains brutally simple: where is the people’s money?"

President Tinubu declared the discontinuation of the petrol subsidy immediately following his inauguration in May 2023, ending a long-standing system where the Federal Government subsidized the product's cost. The administration justified this decision as crucial for alleviating strain on public finances and redirecting resources towards infrastructure and social programmes. Nevertheless, the policy led to a steep rise in petrol prices and contributed to higher transportation and living costs, making subsidy removal one of the most politically contentious issues of the Tinubu presidency. Since then, the government has rolled out several measures intended to mitigate the policy's impact, while maintaining that the previous subsidy regime was financially unsustainable. Atiku has put forward alternative economic strategies, increasingly making accountability, cost-of-living pressures, and public resource management central to his political discourse.