Atiku Abubakar, presidential candidate of the African Democratic Congress (ADC), has challenged President Bola Tinubu to account for about N30 trillion in Federation revenues, deductions, savings, transfers and other funds, including proceeds from the removal of petrol subsidies.
Atiku, in a statement by Phrank Shaibu, his Senior Special Assistant on Public Communication, said the latest July 2026 Federation Account figures had heightened concerns over the transparency of government finances.
He said Nigerians were promised that the painful subsidy reforms would free resources for development, insisting that the proceeds must be accounted for and visibly deployed to improve living conditions.
“Where is the subsidy-removal windfall?” Atiku asked, arguing that the savings and additional revenues belonged to Nigerians and should not remain beyond public scrutiny.
The controversy came amid growing scrutiny of the Tinubu administration’s management of revenues following the removal of petrol subsidy in May 2023.
The government has said the reform freed substantial resources for public spending and improved fiscal stability, while opposition figures have repeatedly demanded greater transparency over the savings and increased Federation revenues.
The former vice president said his reconciliation of published Federation Account figures had identified about N28 trillion requiring explanation up to June 2026, with the July figures pushing the amount towards N30 trillion.
For July, he said gross statutory revenue stood at N4.359 trillion, while the Federation Account Allocation Committee (FAAC) approved N3.007 trillion for distribution to the federal government, states and local governments.
“The madness continues. Month after month, trillions of naira enter the Federation accounts, and month after month enormous amounts are removed under different classifications,” he said.
Atiku cited further disparities, including N4.501 trillion reported as available revenue in June 2026 against N2.551 trillion distributed.
“These are not accounting footnotes. This is the wealth of the Nigerian people,” he said.
He challenged Tinubu to publish a month-by-month, beneficiary-by-beneficiary reconciliation from June 2023, covering collections, deductions, savings, transfers, refunds and interventions.
“If the approximately N30 trillion is properly accounted for, President Tinubu should publish the ledger and show Nigerians where every naira went,” Atiku added.
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