Atiku Questions NNPC’s ₦66 Fuel Discount, Demands Accountability

Former Vice-President Atiku Abubakar has questioned the Bola Tinubu administration’s decision to announce a ₦66-per-litre petrol discount through the Nigerian National Petroleum Company Limited (NNPC Ltd), demanding clarification on the company’s board approval, the cost of the initiative and its implications for corporate governance.

Atiku, through a statement issued on Saturday, October 10, 2026, by Phrank Shaibu, Director of Strategic Communication of the African Democratic Congress (ADC) Presidential Campaign Council, accused the administration of turning the price reduction into a political publicity exercise at the expense of the national oil company.

He questioned whether the government was exercising its rights as a shareholder through established corporate procedures or using NNPC Ltd’s resources to generate political goodwill ahead of an election.

“NNPC Limited is no longer the old NNPC corporation. The Petroleum Industry Act established it to operate as a commercial company. Yet the Presidency announces a discount, claims the applause and tells NNPC to surrender its margin,” Atiku said in the statement.

“Is the government exercising its rights as shareholder through proper corporate channels, or treating NNPC Limited as a drawer of campaign money it can open whenever an election approaches?”

The former vice-president argued that Nigerians deserved details of the decision, including whether NNPC’s board approved the discount before its announcement, the financial calculations behind it and how the company would account for any reduction in its margins.

He also challenged the administration’s characterisation of the initiative as relief rather than a subsidy, arguing that changing the description of a cost does not eliminate its financial implications.

“The administration says this is not a subsidy. Changing the name of a cost does not make it disappear,” he said.

Atiku also raised concerns about the distribution of the discount, arguing that its availability through NNPC Retail stations could limit the number of motorists able to benefit.

Citing a figure of just over 900 NNPC Retail stations for a country with an estimated population of about 242 million, he questioned whether the initiative could provide meaningful nationwide relief.

He said motorists might have to travel considerable distances, queue for fuel, download an application and pay through it to access the reduction, potentially diminishing the practical value of the discount.

“What happens to the family whose nearest NNPC station is miles away? What happens when a station runs out of petrol?” he asked.

Atiku argued that announcing a nationwide relief measure was different from ensuring that motorists across the country could access it, particularly in areas with limited NNPC Retail coverage.

The former vice-president called for transparency regarding the company’s role in implementing the discount, asking whether the board had formally authorised the arrangement and what financial implications had been considered.

He demanded clarification on the margin NNPC Ltd would forgo and where the resulting cost would be reflected in its accounts.

“Where is NNPC’s board in this performance? Did it approve the decision before the Presidency announced it? What figures did it examine? What margin will the company forgo, and where will that cost appear in its accounts?” he asked.

The questions centre on the relationship between the Federal Government as shareholder and NNPC Ltd as a commercial company established under the Petroleum Industry Act. Atiku’s statement did not provide documentary evidence establishing whether the board had approved or rejected the discount.

The ADC campaign council’s statement also revisited Atiku’s earlier proposal for a transparent production subsidy, contrasting it with the administration’s reported discount arrangement.

Atiku accused the President of criticising his proposal before adopting what he described as its central principle: targeted relief for Nigerians facing high fuel costs.

“Bola, you mocked my proposal for a transparent production subsidy. Now you have borrowed its central lesson, that Nigerians need targeted relief, and come back with an app coupon lasting 30 days at a handful of stations,” he said.

He argued that Nigerians needed an approach capable of making petrol affordable across the country rather than a time-limited discount accessible through a restricted retail network.