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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 Military President, Gen Ibrahim Badamasi Babangida (IBB), is set to launch his long-awaited autobiography.
Reports said the memoir titled: ‘A Journey In Service’, will be released on February 20, 2025, at the Congress Hall of Transcorp Hilton Hotel in Abuja.
The development is coming 32 years after IBB left office.
The regime of the former Head of State was negatively shaped and defined by the adoption of the Structural Adjustment Programme (SAP) policy, among other regulations, which sparked a nationwide riot by student union and other similar groups.
There was also the unresolved murder of the late journalist, Dele Giwa, and the June 12 annulment, among other controversial issues.
While in office, IBB was popular with the moniker “evil genius” and “Maradona”.
Explaining the nicknames, IBB said they were manufactured by the media because of his “deft political moves”.
“That’s the very good thing about the Nigerian media and Nigerian people. You have to anticipate them.
“If you anticipate them, then you live well with them. They call me ‘evil genius’, I marvel at that. The contradiction, you can’t be evil and then be a genius.”
“The definition of Maradona I got from the media is because of deft political moves. That’s the way the media described it”, he had said.
He succumbed to pressure in August 1993 when he “stepped aside” for the late Ernest Shonekan as the chairman of the Interim Government.
The late General Sanni Abacha would, however, topple the government in 1993 and would subsequently die in office in 1998.
Although IBB granted interviews to local and international media since leaving office, he has somehow found a way around some of these contentious issues that happened during his rule.
About seven years ago, he had expressed doubts about writing an autobiography, saying he was uncertain if Nigerians would “want to read about a dictator”.
He added that the public had a wrong impression of him, citing his role in the June 12 crisis, and some of the policies he unfurled between 1985 and 1993 as head of a junta.
However, he made a U-Turn and wrote the book.
President Bola Ahmed Tinubu will lead former Nigerian leaders and their counterparts in other parts of Africa to grace the much awaited autobiography.
According to an invite dispatched to dignitaries this week, the board of trustees of the IBB Presidential Library Foundation said the book launch will take place alongside fundraising for a Presidential Library.
The organisers said the event would be chaired by former President Olusegun Obasanjo, with President Bola Tinubu as the Special Guest of Honour.
The keynote address would be delivered by the former president of Ghana, Nana Akufo-Addo, while former vice-president Yemi Osinbajo would review the autobiography.
Other guests billed to attend include ex-presidents Muhammadu Buhari, Yakubu Gowon, Abdulsalami Abubakar, and Goodluck Jonathan.
A former Minister of Defence Gen. Theophilus Danjuma and Chairman of BUA Group; Abdul Samad Rabiu, are named chief launchers.
Members of the National Working Committee (NWC) of the Peoples Democratic Party (PDP) have expressed support for the recent court ruling that nullified the party’s congresses in Rivers State.
The NWC members made their position known during a visit to Governor Siminalayi Fubara at the Government House in Port Harcourt on Wednesday night, where they also held a closed-door meeting with the Governor.
The delegation included the PDP National Publicity Secretary, Debo Ologunagba.
Speaking after the meeting, the National Treasurer, Ahmed Mohammed, reaffirmed Governor Fubara’s status as the party leader in Rivers State.
He described their visit as part of an effort to realign the party and strategize for a comeback in the 2027 elections.
Mohammed stated their commitment to fostering unity, stability, and effective repositioning in the State.
He also expressed the NWC’s support for Ude Okoye, who was recently reinstated as the party’s National Secretary by the Court of Appeal.
Mohammed urged party stakeholders and governors to rally behind Okoye for the party’s progress.
The visit comes just days after PDP Youth leaders from across the country met with Governor Fubara in a bid to resolve internal party crises, with a focus on affirming his leadership in the state.
The court ruling that nullified the Ward, Local, and State congresses, which were won by allies of the Minister of the Federal Capital Territory, Nyesom Wike, has created ripples within the party.
The congresses, which were held last year, were marred by conflicting court orders, with a State High Court restraining the exercise while a Federal High Court allowed it.
Following the nullification, an interim committee emerged, saying it will oversee the leadership of the party in Rivers State.
Justice Chukwujekwu Aneke of the Federal High Court in Ikoyi, Lagos, has denied the request of Economic and Financial Crimes Commission (EFCC) to issue an arrest warrant for Dr Oba Otudeko, Dr Bisi Onasanya and others due to lack of formal service on the defendants.
The court addressed multiple motions during the session, including the Prosecutor’s request for a warrant of arrest, which the Judge rejected due to the lack of formal service to the defendants. The Judge, therefore, granted an application for substituted service.
Bode Olanipekun, appearing for Dr Otudeko, sought an order restraining parties from irresponsible use of the media, Thus, the Judge advised all parties to exercise restraint in media engagement and urged journalists present to ensure accurate reporting of court proceedings.
The case has brought the EFCC under scrutiny for allegedly flouting procedural norms.
Critics have faulted the agency for going public with the charges without first formally serving Otudeko and other implicated parties. Legal experts argue that this approach undermines the principle of fair hearing and could prejudice the public against the accused.
The case has been adjourned to February 13 for arraignment.
