Former Vice President Atiku Abubakar has publicly challenged the administration of President Bola Tinubu to investigate and prosecute him if there is any evidence linking him to the alleged $16 billion spent on Nigeria’s power sector during the Olusegun Obasanjo era. The challenge comes amid renewed political tensions over the handling of subsidy removal savings.
In a statement released on Wednesday, Atiku, who is now the presidential candidate of the African Democratic Congress (ADC), accused the Tinubu government of recycling old allegations to divert attention from questions about the use of revenues saved from petrol subsidy removal. The statement was issued through his Senior Special Assistant on Public Communication, Phrank Shaibu.
Background of the Power Sector Allegations
The allegations date back to the Obasanjo administration, which was said to have spent about $16 billion on the power sector. After Obasanjo left office in 2007, the House of Representatives launched a probe into the expenditure. In 2008, the administration of Umaru Yar’Adua raised further questions, with the figure initially reported at about $11 billion before it became commonly cited as $16 billion.
Obasanjo has previously defended the spending, citing an EFCC investigation and a presidential review process that he argued undermined the claim that the funds were squandered. A report later indicated that only about $3.7 billion of the $10 billion budgeted had actually been disbursed, with the remainder retained in an account at the Central Bank of Nigeria.
Atiku’s Defense and Challenge
Atiku, who served as Vice President during the Obasanjo administration, said the allegations have been repeatedly raised over the years without any prosecution, despite successive governments having access to the investigative machinery of the state. He noted that the National Assembly investigated the power projects but he was never invited to answer any allegation of wrongdoing.
“Yes, I chaired the National Council on Privatisation as Vice President. But on the power project, I disagreed with its concept and did not preside over its implementation. The responsible minister did. The same applies to the Aluminium Smelter matter,” Atiku said in the statement.
He added: “I have repeatedly asked to be investigated. I left office in 2007 and have spent much of the period since then opposing governments in power. If there is evidence that I stole public money, why has no government produced it before a court? It is still not too late. Investigate me. Invite me. Produce the evidence. Prosecute me if you have a case. But propaganda cannot substitute for evidence.”
Subsidy Removal and Economic Hardship
Atiku argued that the revival of the power project controversy is an attempt to shift public attention from the economic hardship confronting Nigerians. He said the government removed subsidy from the poor, promising that the sacrifice would free resources for development, but instead, Nigerians are facing higher costs for petrol, transportation, and food, while the purchasing power of workers has been devastated.
He also questioned the government’s fiscal priorities, alleging that while ordinary Nigerians endure the consequences of subsidy removal, powerful economic interests continue to benefit from fiscal incentives, waivers, and concessions. “Meanwhile, government revenues have increased, while fiscal incentives, waivers, tax credits and concessions continue to be available to powerful economic interests. So, our question remains brutally simple: where is the people’s money?” he asked.
Atiku stressed that the government cannot justify removing a major form of relief from Nigerians while simultaneously describing economic interventions targeted at powerful interests as incentives. “You cannot take relief away from the poor, celebrate the resulting revenue and then tell the same impoverished citizens that government intervention on their behalf is economically irresponsible while interventions benefiting powerful interests are called incentives. That hypocrisy is precisely what we are challenging,” he said.
Political Implications and Next Steps
The challenge from Atiku underscores the ongoing political friction between the opposition and the Tinubu administration over economic policy and accountability. The former vice president’s demand for transparency on subsidy savings is likely to remain a central issue in the political discourse as the government continues to implement its economic reforms.
Atiku’s statement also highlights a broader concern about the use of state machinery to address political allegations. He noted that governments with all the investigative machinery of the Nigerian state have had nearly two decades to establish a case against him, yet none has done so. “If you have evidence against Atiku, bring it. If you have a case, prosecute it. But if you have neither, stop manufacturing distractions and answer Nigerians. You removed the subsidy. You collected the savings. Where is the money?” the statement concluded.
As of now, there has been no official response from the Tinubu administration to Atiku’s challenge. The coming weeks may reveal whether the government will take up the former vice president’s offer to be investigated, or whether the focus will remain on the economic issues that have dominated public discourse.
Source: Atiku dares Tinubu govt to prosecute him over alleged $16bn spent on power under Obasanjo