Reported by: Ijeoma G | Edited by: Oravbiere Osayomore Promise.
Former Vice President and African Democratic Congress presidential candidate, Atiku Abubakar, has issued a direct and unflinching challenge to the Federal Government, daring it to investigate and prosecute him if it possesses any evidence linking him to the alleged misappropriation of $16 billion in power sector funds. Atiku, who served as Vice President from 1999 to 2007, made the declaration in a statement on Wednesday, August 26, 2026, through his Senior Special Assistant on Public Communication, Phrank Shaibu. He accused the Bola Tinubu administration of recycling old, unproven allegations to divert public attention from questions surrounding the use of revenues generated since the removal of the petrol subsidy in 2023. The former Vice President maintained that he had nothing to fear from any investigation and that the government should either produce concrete evidence against him or stop manufacturing distractions.
Atiku's challenge comes amid an intensifying political confrontation between the opposition and the Federal Government over the state of the economy and the impact of the administration's reforms. He argued that the sudden resurrection of allegations concerning power-sector projects, privatisation and public assets was a predictable attempt to shift attention from the economic hardship confronting Nigerians. "The National Assembly investigated the power projects. I was never invited to answer any allegation of wrongdoing," Atiku stated. He clarified that while he chaired the National Council on Privatisation as Vice President, he disagreed with the concept of the power project and did not preside over its implementation, adding that the responsible minister did. He also applied the same defence to the Aluminium Smelter matter.
Atiku emphasised that he had consistently called for investigation into any claim against him since leaving office in 2007. "I have repeatedly asked to be investigated. I left office in 2007 and have spent much of the period since then opposing governments in power. If there is evidence that I stole public money, why has no government produced it before a court?" he asked. He declared that it was still not too late to investigate him, inviting the government to produce evidence and prosecute him if they have a case. "But propaganda cannot substitute for evidence," he stressed.
The former Vice President also challenged the Federal Government to account for the resources it had gained since the removal of the petrol subsidy, asking pointedly: "Where is the people's money?" He argued that the Tinubu administration had removed subsidy from the poor, promising that the sacrifice would free resources for development, but instead, Nigerians were facing higher costs of petrol, transportation, food, and a devastated purchasing power. He questioned the government's fiscal priorities, alleging that while ordinary Nigerians were being asked to bear the consequences of the reforms, powerful economic interests continued to benefit from fiscal incentives, waivers, and concessions. "You cannot take relief away from the poor, celebrate the resulting revenue and then tell the same impoverished citizens that government intervention on their behalf is economically irresponsible while interventions benefiting powerful interests are called incentives. That hypocrisy is precisely what we are challenging," he said.
Atiku's challenge comes amid a renewed public face-off between him and the federal government over the impact and implications of the fuel subsidy removal. He has made the economic consequences of the policy a central part of his criticism of the Tinubu administration, arguing that Nigerians have endured substantial increases in the cost of living without seeing commensurate benefits from increased government revenues. The government, however, has insisted that Atiku's position is merely based on politics and not reality.
President Tinubu announced the removal of the petrol subsidy shortly after his inauguration in May 2023, ending the longstanding system through which the Federal Government subsidised the cost of petrol. The administration defended the policy as necessary to reduce pressure on public finances and redirect resources towards infrastructure and social programmes. The decision, however, triggered a sharp increase in petrol prices and contributed to higher transportation and living costs, making subsidy removal one of the most contentious economic policies of the Tinubu administration.
The $16 billion power sector allegation dates back to the Obasanjo administration, with the spending becoming the subject of a House of Representatives probe after his exit from office in 2007. In 2008, the Umaru Yar'Adua administration raised questions about the expenditure, with the allegation initially reported as about $11 billion before the figure became commonly cited as $16 billion. An EFCC report published in 2018 reportedly revealed that about N1.2 trillion had been allocated to NIPP, but only approximately N360.7 billion was paid to contractors by the time Obasanjo left office in 2007. Atiku has consistently distanced himself from the implementation of the power projects, insisting that he disagreed with its concept and did not preside over its implementation.
As the 2027 elections draw closer, the war of words between Atiku and the Tinubu administration is expected to intensify. Atiku has made it clear that he will not be silenced by recycled allegations and will continue to demand accountability from the government. His challenge to the Federal Government to investigate and prosecute him if it has evidence is a bold political move that puts the onus on the Tinubu administration to either produce evidence or stop what he describes as propaganda. For now, the ball is in the court of the Federal Government, and Nigerians are watching to see whether it will take up the challenge or continue to rely on unsubstantiated allegations to deflect attention from the pressing issues facing the nation.
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