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Atiku’s Aide Accuses Tinubu’s Govt of Diverting Funds Through Fake Petrol Subsidy
Phrank Shaibu, a Special Assistant on Public Communication to former Vice President Atiku Abubakar, has alleged that the refusal of the Federal government to react to recent reports on the return of petrol subsidy shows that public funds have started going into private pockets.
Shaibu made the allegation through a statement while reacting to reports by the International Monetary Fund (IMF) that the Nigerian government has begun paying petrol subsidy again.
According to media reports, monthly subsidy payment is nearly N1 trillion, far in excess of exceeds the amount paid monthly by the President Muhammadu Buhari administration.
Reacting to the allegation, Shaibu said it has become clear that one of the reasons the Nigerian National Petroleum Company Limited has not been paying the required amount of money into the government’s account is because monies are being diverted under an opaque and secret subsidy regime.
He alleged: “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 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 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 be announcing 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.”
Shaibu added: “Former CBN Governor, Lamido Sanusi, expressed shock last month that NNPC was still not remitting FX into 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.”
Shaibu said it was disappointing that the Finance Minister, Wale Edun; and CBN Governor, Yemi Cardoso, who both claimed to have gotten their appointments based on their expertise had failed to speak up but had continued to cover up the petrol subsidy.
He also alleged that the Tinubu government had continued to frustrate the takeoff of the Dangote refinery which would have at least reduced Nigeria’s FX demands.
“The media reported last week that lingering regulatory approvals have stalled Dangote Petrochemical Refinery’s plan to release aviation fuel (Jet A1) and diesel for sale in the Nigerian market.
“At the same time, Dangote refinery has been struggling to get the needed crude oil and has decided to import from the United States while the NNPC which has no business with monetary policy, committed Nigeria’s crude oil for a $3.3 billion Afreximbank loan ostensibly to stabilise the naira.
“It is obvious that Tinubu and his so-called economic team are quacks, charlatans who put their personal interest ahead of that of the country. With such Lilliputians at the helm of affairs, Nigeria’s economic woes are about to go from bad to worse,” Shaibu added.
Former governor of Anambra State, presidential candidate of the Labour Party (LP) in the 2023 election, Mr. Peter Obi, has officially defected to the coalition-backed African Democratic Congress (ADC).
Obi announced the decision on Tuesday at an event held at the Nike Lake Resort, Enugu.
“We are ending this year with the hope that in 2026 we will begin a rescue journey,” Obi said.
The National Chairman of the ADC, David Mark, was among the attendees.
United States Representative Riley Moors has said further military strikes against Islamic State-linked militants in Nigeria could follow recent operations ordered by President Donald Trump, describing the actions as aimed at improving security and protecting Christian communities facing violence.
Moore made the remarks during a televised interview in which he addressed U.S. military strikes carried out on Christmas Day against militant targets in North-west Nigeria.
The strikes were conducted in coordination with the Nigerian government, according to U.S. and Nigerian officials.
“President Trump is not trying to bring war to Nigeria, he’s bringing peace and security to Nigeria and to the thousands of Christians who face horrific violence and death,” Moore said.
He said the Christmas Day strikes against Islamic State affiliates had provided hope to Christians in Nigeria, particularly in areas affected by repeated attacks during past festive periods.
According to U.S. authorities, the strikes targeted camps used by Islamic State-linked groups operating in parts of north-west Nigeria.
Nigerian officials confirmed that the operation was carried out with intelligence support from Nigerian security agencies as part of ongoing counter-terrorism cooperation between both countries.
The United States Africa Command said the operation was intended to degrade the operational capacity of extremist groups responsible for attacks on civilians and security forces.
Nigerian authorities have described the targeted groups as a threat to national security, noting their involvement in killings, kidnappings and raids on rural communities.
Moore said the strikes marked a shift from previous years in which attacks were carried out against civilians during the Christmas period. He said the U.S. administration was focused on preventing further violence by targeting militant groups before they could launch attacks.
U.S. officials have said the military action was carried out with the consent of the Nigerian government and formed part of broader security cooperation between the two countries. Nigeria has received intelligence, training and logistical support from international partners as it seeks to contain militant activity.
Moore had previously called for stronger international attention to attacks on Christian communities in Nigeria and has urged continued U.S. engagement in addressing extremist violence. He said further action would depend on developments on the ground and continued coordination with Nigerian authorities.
Nigerian officials have maintained that counter-terrorism operations are directed at armed groups threatening civilians, regardless of religion, and have reiterated their commitment to restoring security across affected regions.
World-renowned boxer Anthony Joshua on Monday survived a ghastly road accident in Makun, Ogun State.
Eyewitnesses report that the incident occurred along a busy highway of the Lagos-Ibadan expressway.
The vehicle carrying Joshua, a Lexus Jeep with the number plate, KRD 850 HN, reportedly collided with a stationary truck under circumstances that are still being investigated.
Joshua reportedly sustained minor injuries, while two persons were said to have died on the spot.
