Former Vice President Atiku Abubakar has launched a sharp critique against President Bola Tinubu’s administration regarding the current retail price of petrol, questioning the economic logic behind the latest price hikes.

 

In a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku highlighted the stark contrast between today’s domestic fuel prices and historical crude oil benchmarks.

 

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**Key Highlights of Atiku’s Statement**

 

* **Price Discrepancy:** Atiku noted that Nigerians are paying as much as **₦1,470 per litre** for petrol at a time when global crude oil sits around **$102.52 per barrel**.

* **Historical Comparison:** He pointed out that back in 2008—under the late President Umaru Musa Yar’Adua—crude oil peaked at **$147 per barrel**, yet petrol retailed for just **₦65 per litre**.

* **Financial Allegations:** The former Vice President accused the administration of managing energy revenues through an "organized system of grand larceny," pointing to opaque Federation Account (FAAC) deductions, parallel funding models, and unrecorded off-book transactions.

 

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Atiku’s critique comes as households and small businesses across the country continue to feel the strain of rising fuel and energy costs, adding fuel to the ongoing national debate surrounding Nigeria's energy sector management and revenue transparency.