Phrank Shaibu, the special assistant on Public Communication to former Vice-President Atiku Abubakar, has raised concerns over the recent reports indicating the return of petrol subsidy in Nigeria. Shaibu alleged that the silence of the All Progressives Congress (APC)-led federal government on the matter suggests that public funds are being diverted into private pockets.
The controversy emerged following reports by the International Monetary Fund (IMF) stating that the Nigerian government has resumed petrol subsidy payments, with the monthly subsidy cost reaching nearly one trillion Naira. Shaibu expressed dismay over the government’s lack of response to these reports and argued that the Nigerian National Petroleum Company Limited’s failure to remit the required funds to the government’s account is indicative of monies being diverted under a secretive subsidy regime.
In his statement, Shaibu criticized political figure Bola Tinubu, accusing him of falsely boasting about removing petrol subsidy, claiming that the subsidy has returned through a corrupt and secretive manner. He alleged that the funds are being redirected into private pockets, posing a more significant threat to transparency than during the Buhari administration.
Shaibu expressed disappointment in Finance Minister Wale Edun and Central Bank of Nigeria (CBN) Governor Yemi Cardoso for not speaking up about the subsidy issue and accused them of covering it up. He also criticized the Tinubu-led government for hindering the Dangote refinery’s progress, which could alleviate Nigeria’s foreign exchange demands.
Concluding his statement, Shaibu asserted that the alleged corruption in subsidy return and the actions of the economic team under Tinubu’s leadership could exacerbate Nigeria’s economic challenges.
