Former Vice President Atiku Abubakar has launched a scathing attack on President Bola Tinubu's government, accusing it of turning the Nigerian National Petroleum Company Limited (NNPC) into a political tool by using a 30-day fuel discount scheme to serve campaign purposes. In a statement issued by Frank Shaibu, Director of Strategic Communications for the ADC Presidential Campaign Council, Atiku questioned the commercial rationale, approval process, and financial implications of the discount, demanding a full explanation from the government.
'Campaign Money Cashier' Allegation Targets Corporate Governance
At Atiku's core is the argument that NNPC Limited is no longer the old state-owned corporation but a commercial company established under the Petroleum Industry Act (PIA). He asked whether the government was exercising shareholder rights through proper corporate channels or treating the national oil company as "a campaign money cashier that can be opened whenever elections approach."
"NNPC Limited is no longer the NNPC of old. The Petroleum Industry Act made it a commercial company. Yet the Presidency announces a discount, takes credit for it, and sends NNPC to surrender the profit," Atiku said in the statement. "Is the government exercising shareholder rights through the proper corporate channels, or is it treating NNPC Limited as a campaign money cashier that can be opened whenever elections approach?"
He further questioned the role of the NNPC Board in the process: "Where was the NNPC Board? Did the Board approve this decision before the Presidency announced it? What data did the Board review? How much profit will the company forgo, and under which line item will that cost appear in the accounts? Or does the Board also learn of its own decisions from government press releases?"
'Selective Application' of Market Principles
Atiku also criticized the government's double standards on fuel pricing. He noted that when Nigerians demanded lower pump prices, Tinubu officials lectured them about the inviolability of market forces; but when the President needed positive headlines, the Presidency reached into NNPC's profit margin and called it relief.
"When Nigerians asked for affordable petrol, Tinubu officials delivered lectures on market forces. They said prices cannot be wished down. But when Tinubu needs a headline, the Presidency reaches into NNPC's profit margin and calls it relief," Atiku said. "Apparently, the market is sacred — until the President needs applause."
Discount Accessibility Questioned: 900 Stations for 242 Million People
Beyond corporate governance, Atiku raised sharp questions about the actual reach of the discount scheme. He pointed out that NNPC Retail operates just over 900 filling stations nationwide serving a population of about 242 million — a network far too small to support a nationwide relief program.
"A driver must burn fuel to reach an NNPC station, queue, download an app, and pay through it to save N66 per litre? How much of that saving survives the journey?" Atiku asked. "What about the family miles from an NNPC station? What happens when a station runs dry? Tinubu announced relief to the whole country but delivers it through a fraction of filling stations. A press release reaches every Nigerian in a second; his discount cannot."
NNPC's Response: Discount Is Not a Subsidy Restoration
Responding to the criticism, NNPC Limited issued a statement on October 8 signed by Chief Corporate Communications Officer Andy Odeh, confirming it had extended the N66 per litre discount until October 31. The discount was initially launched on October 1 as an Independence Day promotion tied to Nigeria's 66th anniversary and was originally set to end on October 7.
NNPC emphasized that the discount was a "customer relief measure" and not a restoration of the petroleum subsidy. The company said the discount was funded from NNPC Retail's own profit margin, not from the Federation Account. Finance Minister and Coordinating Minister of the Economy Taiwo Oyedele also clarified that it was "not a subsidy," adding that the government was negotiating to cap the landed cost of petrol at N1,350 per litre.
But Atiku dismissed the distinction: "The government says it is not a subsidy. Renaming a cost does not make it disappear."
Political Context and Broader Controversy
The exchange is not an isolated incident. Atiku has previously demanded that the Tinubu government publish NNPC's contracts, payments, and records, including the breakdown of about N11.2 trillion in "other receivables," and has called for disclosure of who is funding the President's reelection campaign. He has also accused the government of removing the fuel subsidy to inflict pain on citizens while offering tax breaks and incentives to oil companies.
In his statement, Atiku also contrasted the current discount scheme with his own "production subsidy" proposal, accusing Tinubu of mocking his position only to "borrow its core lesson."
"You mocked my transparent production subsidy proposal. Now you have borrowed its central lesson — that Nigerians need targeted relief — and returned with an app coupon for a handful of filling stations lasting 30 days," he said. "You borrowed the recipe that feeds a nation and returned only a tasting spoon."
NNPC, in its statement, urged the public to "disregard any interpretation of the discount as a return of subsidy," stressing that the scheme applies only to NNPC Retail outlets, does not constitute a uniform national retail price, and does not alter the market-based pricing framework for petroleum products.
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