By Our Correspondent
ABUJA — The latest increase in the price of petrol to as much as N1,470 per litre has triggered a fresh political confrontation, with the African Democratic Congress (ADC) warning President Bola Tinubu against further policies that it says could deepen the economic hardship facing Nigerians.
The opposition party’s warning came as former Vice President and ADC presidential candidate, Atiku Abubakar, demanded greater transparency over Federation Account revenues, deductions and the savings from the removal of petrol subsidy.
In a statement issued by its National Publicity Secretary, Bolaji Abdullahi, the ADC said the latest petrol price increase was placing additional pressure on households and businesses already struggling with rising transportation, food, electricity and education costs.
The party argued that increases in fuel prices have a direct impact on virtually every aspect of daily life because Nigerians and businesses depend heavily on petrol for transportation, power generation and other activities.
‘Nigerians Are Being Pushed to the Limit’
The ADC expressed particular concern over the reported increase in private school fees, saying some schools had raised their charges by between 30 and 40 per cent.
According to the party, parents are facing the increases without corresponding improvements in their incomes, while simultaneously dealing with higher food prices, rent, transportation and other household expenses.
The party, however, acknowledged that school proprietors were also under pressure from rising operational costs, including electricity, fuel, taxes, rent and staff salaries.
It said the situation was forcing families to make increasingly difficult choices over food, education and other basic needs.
The ADC also warned that businesses were facing similar challenges as the cost of powering facilities, transporting goods and maintaining operations continued to rise.
The party described the N1,470 petrol price as what it called “Tinubu Tax”, while urging the Federal Government to reconsider policies that it believes are worsening the burden on citizens.
Atiku Demands Answers Over Oil Revenues
The controversy took another turn after Atiku called for a comprehensive investigation into Federation Account Allocation Committee (FAAC) revenues and deductions.
Atiku questioned how Nigerians could be paying as much as N1,470 per litre while crude oil was trading at about $102.52 per barrel. He contrasted the situation with 2008, when crude reportedly reached about $147 per barrel while petrol sold for N65 per litre under the late President Umaru Musa Yar’Adua.
The former vice president demanded a reconciliation of Federation Account revenues from 2023 to date, including details of gross revenue, deductions, the legal basis for those deductions, receiving accounts and ultimate beneficiaries.
He also questioned what had happened to the savings expected from the removal of petrol subsidy.
Atiku argued that Nigerians had been told subsidy removal would free resources for critical sectors such as education, healthcare and infrastructure, and therefore deserve explanations about how those savings have been utilised.
More Questions Over Oil-Related Funds
Atiku further called for scrutiny of transactions involving the Renewed Hope Infrastructure Development Fund, OML 143, oil production revenues and NNPC’s international LNG trading operations.
He also sought clarification on allegations concerning offshore corporate structures, unofficial crude lifting, maritime surveillance contracts and other alleged revenue flows outside normal accounting channels.
Atiku said the issues should be addressed through verifiable records and, where necessary, independent forensic auditing.
ADC Proposes Alternative Approach
The ADC said it favours measures aimed at reducing petrol prices through renewed subsidy support for domestic fuel production.
The party argued that lower fuel costs could reduce transportation and production expenses and, in turn, ease pressure on food and other essential commodities.
The ADC also linked the debate to the 2027 general election, saying Nigerians would ultimately decide the political direction of the country.
As the petrol price continues to generate controversy, the central question being raised by the opposition remains one of accountability: how much revenue is being generated from Nigeria’s oil resources, where are the deductions going, and what has happened to the savings from subsidy removal?
For now, the Tinubu administration faces mounting political scrutiny over the latest petrol price increase, while the ADC continues to demand greater transparency over the government’s handling of oil revenues and economic reforms.
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