Tinubu’s Govt Accused of Diverting Funds Through Secret Petrol Subsidy

Phrank Shaibu, former Vice-President Atiku Abubakar’s Special Assistant on Public Communication, has accused the All Progressives Congress-led Federal Government of diverting public funds into private pockets through a clandestine petrol subsidy scheme.

Shaibu made these remarks in Abuja today, responding to recent reports indicating the return of petrol subsidy, as highlighted by the IMF. According to media reports, the monthly subsidy payment now nearly amounts to N1 trillion, surpassing previous figures under the Buhari administration.

In his statement, Shaibu pointed out discrepancies in petrol pricing and exchange rates, suggesting a covert reinstatement of petrol subsidy. He criticized the lack of transparency in this process, emphasizing that while petrol subsidy isn’t inherently problematic, its opaque implementation allows for funds to be siphoned into private hands.

Shaibu further expressed disappointment in Finance Minister Wale Edun and CBN Governor Yemi Cardoso for their silence on the matter, accusing them of complicity in covering up the subsidy. He also criticized the Tinubu government for obstructing the Dangote refinery’s operations, exacerbating Nigeria’s economic challenges.

Highlighting regulatory hurdles faced by the refinery and the NNPC’s allocation of crude oil for a loan, Shaibu concluded that Nigeria’s economic prospects are bleak under the current leadership.