ABUJA — African Democratic Congress (ADC) presidential candidate and former Vice President, Atiku Abubakar, has issued a scathing critique of President Bola Ahmed Tinubu’s administration following the surge of Premium Motor Spirit (PMS) retail pump prices to ₦1,470 per litre across domestic filling stations.
In a statement released on Monday, September 14, 2026, through his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku challenged the Federal Government to provide a full, independent account of the revenues, deductions, and savings accrued since the abolition of the petrol subsidy regime.
Atiku argued that while the administration promised that removing the fuel subsidy would free up critical resources for education, healthcare, and infrastructure, the reality facing households is compound inflation paired with “poverty wages”.
“Petrol at ₦1,470 per litre is not merely a figure at the filling station. It enters the price of transportation, food, school runs, farming, manufacturing, and virtually everything Nigerians buy,” Atiku stated. “Every increase at the pump travels directly into the household budget. After all the pain imposed on Nigerians, they have a right to ask: where are the subsidy savings and where is the money?”
Core Arguments Raised by the Opposition Platform
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Price Benchmarking vs Wage Realities: Atiku pointed out that with global crude oil trading around $102.52 per barrel, Nigerians are paying up to ₦1,470/litre. He contrasted this with the 2008 global oil spike ($147/barrel) when petrol sold at ₦65/litre under President Umaru Musa Yar’Adua. He noted that while US petrol costs ~$1.14/litre alongside a $7.25/hour federal minimum wage, Nigeria’s monthly minimum wage remains ₦70,000—effectively matching American fuel prices with Nigerian poverty wages.
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Demands for Independent Forensic Audit: The former Vice President called for full public disclosure surrounding off-budget crude lifting, NNPC’s international LNG trading operations, off-shore corporate structures, and the Renewed Hope Infrastructure Development Fund. He urged the administration to open its records to independent forensic auditors.
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Education & ASUU Crisis: Referencing threats of renewed industrial action by the Academic Staff Union of Universities (ASUU), Atiku criticized the government for forcing students to rely on Nigerian Education Loan Fund (NELFUND) debt rather than directly deploying subsidy savings into funding public universities.
