Atiku Challenges FG to Investigate $16bn Power Spending Claims

Former Vice President Atiku Abubakar has dared the Federal Government to investigate him if it has proof linking him to the alleged $16 billion power spending during his time in office.

Atiku, who is the presidential candidate of the African Democratic Congress, also accused President Bola Tinubu's government of bringing back old allegations to distract from questions about how the money saved from the petrol subsidy removal is being used.

In a statement released on Wednesday by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku said that the return of allegations about power projects, privatization, and public assets is an attempt to draw attention away from the economic difficulties facing Nigerians.

Atiku also challenged the government to explain how it has used the resources gained since the petrol subsidy was removed, asking, “Where is the people’s money?”

He pointed out that these allegations have been repeated over the years without any prosecution, even though different governments had access to the investigative tools of the state.

“The National Assembly investigated the power projects. I 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 oversee its implementation. The responsible minister did. The same applies to the Aluminium Smelter matter.

“I have repeatedly asked to be investigated. I left office in 2007 and have spent much of the time 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,” the statement said in part.

Atiku's latest challenge comes at a time when there is rising political tension between the opposition and the Federal Government over the economy and the effects of the government's reforms.

He has made the economic fallout from subsidy removal a key point in his criticism of the government, saying that Nigerians have faced huge hikes in petrol, transportation, food, and other basic needs without seeing any real benefits from the extra money the government has made.

Atiku believes the revival of the power project controversy is happening because his call for clearer information on the proceeds from subsidy removal has put the government in a tough spot.

“They removed subsidy from the poor and promised that the sacrifice would free resources for development. Nigerians accepted extraordinary pain on that promise.

“Today, petrol is more expensive, transportation is more expensive, food is more expensive and the purchasing power of the Nigerian worker has been devastated,” he added.

He also questioned the government's spending priorities, claiming that while ordinary Nigerians are suffering from the effects of subsidy removal, wealthy interests are still benefiting 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.

Tinubu announced the end of the petrol subsidy shortly after taking office in May 2023, bringing to an end a long-standing practice where the Federal Government subsidized the cost of petrol.

The government defended this move, saying it was necessary to ease pressure on public finances and redirect funds to infrastructure and social programs.

However, this policy caused a sharp rise in petrol prices and led to higher transportation and living costs, making the removal of the subsidy one of the most controversial issues of the Tinubu administration.

The government has since introduced several measures aimed at reducing the impact of the reforms but insists that the previous subsidy system was not financially viable.

Atiku has suggested alternative economic strategies and has increasingly focused on accountability, cost-of-living issues, and the management of public resources in his campaign.