Atiku Demands Explanation Over NNPC Petrol Discount Funding

Former Vice President Atiku Abubakar has asked the Federal Government and the Nigerian National Petroleum Company Limited (NNPC) to explain how the cost of the recently announced 30-day petrol discount will be funded and accounted for.

Atiku, the African Democratic Congress (ADC) presidential candidate, raised the concerns on Saturday through Phrank Shaibu, Director of Strategic Communication of the party’s Presidential Campaign Council.

He questioned the approval process behind the decision, including whether NNPC Limited followed the appropriate corporate procedures before announcing the price reduction.

According to Atiku, the Petroleum Industry Act established NNPC Limited as a commercial entity, raising questions about how the decision was reached and whether the rights of its shareholders were respected.

He argued that government officials had often cited market forces when Nigerians demanded lower petrol prices, but the Presidency had now announced a relief measure involving NNPC’s profit margin without providing sufficient details about its financial implications.

Atiku also questioned the accessibility of the discount, noting that NNPC Retail operates just over 900 filling stations across a country with an estimated population of 242 million. He said motorists were already experiencing queues at some outlets, raising concerns about whether the initiative could adequately serve Nigerians.

He asked how motorists living far from NNPC stations would benefit from the price reduction and what would happen when participating outlets ran out of petrol. He also questioned whether the savings would remain worthwhile after factoring in transportation expenses and the time spent waiting in queues.

The former Vice President further demanded to know whether the NNPC board approved the initiative before it was announced, what financial projections informed the decision, how much revenue the company would sacrifice and how the cost would be reflected in its accounts.

He maintained that describing the measure as something other than a subsidy would not eliminate its financial implications, insisting that Nigerians deserved a clear explanation of who would bear the cost.

Atiku also recalled his earlier proposal for a transparent production subsidy, arguing that fuel affordability should extend across the country rather than provide temporary relief to motorists who can access a limited number of NNPC outlets.

He maintained that a nationwide approach would offer broader relief to consumers and called for greater transparency in the implementation and funding of the petrol discount.