by Nigerian News24 Correspondents
Former Vice-President Atiku Abubakar has called on the federal government to clarify the reported expenditure of N17.5 trillion on pipeline security in 2024.
According to the audited financial statements of the Nigerian National Petroleum Company (NNPC) Limited, the company spent the massive sum on securing pipelines last year.
In a statement on Sunday issued by his media officer, Abubakar demanded that the government publish a full list of companies awarded the contracts. He also urged transparency on the scope, deliverables, and duration of each contract, and called for the entire N17.5 trillion to be subjected to an independent forensic audit.
“Explain to Nigerians how this expenditure aligns with national priorities at a time of unprecedented economic strangulation,” he said, adding that further disbursements should be halted until full accountability is established.
Describing the spending as “one of the most brazen financial scandals in our nation’s history,” Abubakar contrasted it with past fuel subsidy programs, noting that Nigeria spent roughly N18 trillion over twelve years on subsidies that directly supported millions of citizens.
“Yet, under President Bola Ahmed Tinubu, nearly the same amount has reportedly been spent in a single year on opaque pipeline security contracts awarded to private firms linked to presidential associates and cronies,” he said, accusing the administration of “robbing Peter (Nigerians) to pay Paul (cronies).”
Abubakar criticized the government for ending petrol subsidies citing lack of funds, while allegedly redirecting N17.5 trillion into questionable security contracts. He noted that, despite petrol prices soaring to N1,000 per litre in some states, the administration reportedly spent N7.13 trillion on “energy-security costs” and another N8.67 trillion on “under-recovery.”
“These two euphemisms—energy-cost and under-recovery—appear to be a new way of misleading Nigerians about the continued diversion of public funds,” he said.
The former vice-president argued that the spending undermines public trust and national integrity, asserting that the Tinubu administration “did not end subsidy; it merely redirected public wealth from all Nigerians to a privileged cartel anchored around the Presidency.”