Former Vice President Atiku Abubakar has called for a comprehensive review of the Federal Account Allocation Committee’s revenue and deductions, while questioning the rising price of petrol under President Bola Tinubu’s administration.
Atiku, the presidential candidate of the African Democratic Congress, made the demand in a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu.
He said Nigerians were now paying as much as N1,470 per litre for petrol despite crude oil selling at about $102.52 per barrel, compared with the $147 per barrel recorded in 2008 when petrol sold for N65 per litre under the administration of the late President Umaru Musa Yar’Adua.
Atiku questioned the management of revenues and savings following the removal of petrol subsidy, arguing that Nigerians were yet to see clear evidence of how the funds had been utilised.
He called for a reconciliation of Federation Account revenues from 2023 to date, including gross collections, deductions made before distribution, the legal basis for such deductions, receiving accounts and beneficiaries.
The former vice president also demanded greater disclosure concerning oil revenues, the Renewed Hope Infrastructure Development Fund, OML 143 and other revenue streams linked to the petroleum sector.
According to him, the records should be made available for independent scrutiny to determine how public funds are being collected and spent.
Atiku also linked the increase in petrol prices to higher transportation, food distribution and other household expenses, saying changes in pump prices affect the wider cost of living.
His latest criticism follows his earlier argument that higher FAAC allocations have not necessarily translated into improved living standards because inflation and naira depreciation have reduced purchasing power.
He has also proposed what he describes as a production subsidy, under which government support would target domestic refining rather than imported fuel, with the stated aim of reducing production costs.
