The political contest ahead of Nigeria’s 2027 presidential election has intensified as former Vice President Atiku Abubakar and the Bola Tinubu administration clash over petrol subsidy policy and a long-running controversy surrounding billions of dollars committed to power-sector projects during the Olusegun Obasanjo administration.
Atiku, the African Democratic Congress (ADC) presidential candidate, has challenged the Federal Government to investigate and prosecute him if it has credible evidence linking him to wrongdoing over the controversial $16 billion power-sector expenditure. He argued that allegations dating back nearly two decades should not be repeatedly raised as a substitute for evidence.
The former vice president made the challenge in a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu. Atiku said the National Assembly had previously investigated the power projects but that he was not invited to answer allegations of wrongdoing.
Atiku acknowledged that he chaired the National Council on Privatisation while serving as vice president but maintained that he did not supervise the implementation of the power projects. He said the responsibility for implementation rested with the relevant minister at the time.
The controversy over the power projects dates back to the Obasanjo administration, which committed substantial resources to improving electricity generation and related infrastructure. Questions were later raised over the amount spent and the results achieved, leading to legislative scrutiny after Obasanjo left office in 2007.
The frequently cited $16 billion figure has since become a recurring part of Nigeria's political debate. However, it is important to distinguish between the total amount associated with various power-sector projects and commitments and any allegation that the entire amount was misappropriated. Atiku has denied wrongdoing and is challenging anyone with evidence against him to present it to the appropriate authorities.
The renewed argument over the power expenditure comes as Atiku continues to question the Federal Government's handling of revenues following the removal of petrol subsidy.
President Tinubu announced the removal of the petrol subsidy shortly after assuming office in 2023, arguing that the policy had become too costly for government finances. The decision significantly changed petrol pricing and contributed to higher transportation and living costs, making the reform one of the most contentious issues of the administration.
Atiku has argued that Nigerians were asked to endure the immediate hardship caused by the subsidy removal on the understanding that the resources saved would be redirected towards infrastructure, social investment and economic development. He has therefore demanded greater transparency over how the resulting revenues have been managed.
The former vice president has also proposed a different approach to petrol pricing if elected in 2027, saying his proposed intervention would be targeted rather than a return to the previous subsidy system. The issue has already triggered a strong response from the Presidency, which has questioned how such a policy would be financed and implemented.
The disagreement reflects a broader political argument over the direction of Nigeria's economy. Atiku and his supporters have focused heavily on the pressure faced by households following the removal of the subsidy, while the Tinubu administration has defended the reform as necessary to improve government finances and reduce the burden of an expensive policy.
The Presidency has also challenged Atiku to provide details of the cost and beneficiaries of his proposed intervention, arguing that any new subsidy arrangement would need a clear and sustainable funding mechanism.
For the Tinubu administration, the defence of subsidy removal is likely to remain an important part of its campaign message as the 2027 election approaches. The government has argued that economic reforms take time to produce their full benefits, while acknowledging that Nigerians have faced significant pressure during the adjustment period.
For Atiku, the economic consequences of the reforms provide an opportunity to challenge the administration on issues such as living costs, fuel prices and the management of public revenue. His latest intervention also places accountability at the centre of the emerging election debate.
The power-sector controversy gives the political dispute another historical dimension. Atiku is essentially arguing that if there is evidence that he committed wrongdoing, the government should pursue the matter through an investigation and, where appropriate, prosecution rather than rely on political accusations.
That position does not by itself resolve the questions surrounding the power projects. Nor does the existence of previous investigations establish criminal responsibility on the part of Atiku. Any allegation of financial wrongdoing would need to be supported by evidence and determined through the appropriate legal process.
The confrontation also comes at a time when political activity around the 2027 election is accelerating. Atiku and other opposition figures are working to build a stronger political challenge to Tinubu and the ruling All Progressives Congress, while the President and his party are preparing for the re-election campaign.
The two sides have already begun presenting competing positions on the economy, governance and the direction Nigeria should take over the next four years. The subsidy debate and questions surrounding past public expenditure are therefore likely to remain part of the political conversation.
For voters, the more important issue will be whether the competing arguments are supported by credible figures, realistic funding plans and clearly defined policies. The debate over petrol subsidy, public revenue and power-sector spending ultimately goes beyond the personalities involved and touches directly on how government resources are managed.
With the 2027 election approaching, the latest exchange between Atiku and the Tinubu administration signals that economic policy and accountability will remain major areas of political competition.
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