Atiku to Tinubu: You must account for subsidy removal gains

Presidential Candidate of the African Democratic Congress (ADC), Atiku Abubakar, has challenged President Bola Tinubu to account for “approximately ₦30 trillion in Federation revenues”, deductions, savings and transfers requiring transparent reconciliation, saying the latest July 2026 Federation Account figures show that the troubling pattern has continued.

Atiku said this in a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu.

He said his earlier reconciliation of published Federation Account figures had identified approximately ₦28 trillion requiring explanation up to June 2026, but the July figures have raised fresh questions and pushed the cumulative amount requiring proper public accounting towards ₦30 trillion.

“The question President Tinubu must answer remains painfully simple: Where is the money?” Atiku said.

“For July 2026, gross statutory revenue stood at ₦4.359 trillion, while the Federation Account Allocation Committee approved a total distribution of ₦3.007 trillion to the Federal Government, 36 states and 774 local government councils.”

Atiku said the July figures were further evidence that Nigerians deserve a comprehensive reconciliation of the enormous revenues flowing into the Federation Account and the deductions made before distribution.

“The madness continues. Month after month, trillions of naira enter the Federation accounts, and month after month enormous amounts are removed under different classifications before the balance is distributed.

“Our reconciliation previously identified approximately ₦28 trillion requiring explanation up to June 2026. July shows that the pattern has continued. The cumulative amount of Federation revenues, deductions, savings, transfers and related funds requiring transparent reconciliation is now approaching ₦30 trillion.

“If the Tinubu administration disputes that figure, the answer is not another press statement. Publish the ledger.”

The former Vice President recalled that in January 2024, ₦2.068 trillion was reported as available revenue, but only ₦1.149 trillion was distributed. In June 2025, ₦4.232 trillion was available, while ₦1.818 trillion was shared. By June 2026, ₦4.501 trillion was reported as available, but only ₦2.551 trillion was distributed.

“These are not accounting footnotes. This is the wealth of the Nigerian people.

“These are also government figures, not ours. The accounts are in the custody of the government, not the opposition. Therefore, the burden is on President Tinubu and his administration to tell Nigerians what happened to their money.

“Government cannot demand that citizens prove what happened to public funds whose collection, custody, deductions and disbursement are exclusively under its control. Publish the accounts, identify every deduction and beneficiary, show the transfers, show the savings, show the balances and show the dates.”

Atiku said the administration must particularly account for the revenues and fiscal gains arising from the removal of petroleum and energy subsidies, noting that Nigerians were specifically promised that the painful reforms would release resources for development.

“President Tinubu did not ask Nigerians to endure the agony of subsidy removal so that the proceeds could become unexplained stashed funds beyond public scrutiny.

“The savings and additional revenues generated by these reforms belong to the Nigerian people. They are not the private reserves of the Presidency or any government agency. Where is the subsidy-removal windfall?”

Atiku said such resources should have been visibly invested in transformative projects that directly improve the lives and productive capacity of Nigerians.

“By now, the gains from subsidy removal should be financing inter-state rail connectivity, expanding the carrying capacity of our universities, polytechnics and colleges of education, strengthening primary healthcare facilities across the country, improving public transportation and investing in infrastructure that reduces the cost of doing business.

“Instead, Nigerians are paying more for petrol, electricity, transportation and food while the government celebrates record revenues without providing an equally transparent account of what happened to the proceeds of their sacrifice.”

The former Vice President described as particularly troubling the contradiction of an administration recording unprecedented revenues and claiming enormous sums as savings and transfers while simultaneously plunging Nigeria deeper into debt.

“If these trillions genuinely exist as savings, where are they and why is Nigeria borrowing so aggressively?

“If the money has been transferred, who received it? If it has been spent, what was it spent on? If it remains in government accounts, what are the balances today?

“These are straightforward questions. President Tinubu should provide straightforward answers.”

Atiku therefore challenged the administration to publish a month-by-month and beneficiary-by-beneficiary reconciliation of Federation revenues from June 2023 to date, clearly separating cost of collection, savings, transfers, interventions, refunds and every other deduction.

“For every naira removed before distribution, Nigerians deserve to know the amount, beneficiary, purpose, date, destination and legal authority.