A former presidential candidate, Atiku Abubakar has urged President Bola Tinubu to be courageous and admit the fuel subsidy is back, more than a year after the President declared that the subsidy was gone.

Atiku, a former Vice President had joined other political commentators who have alleged that the return of subsidy will “become an even wider conduit pipe through which money for funding the 2027 election will come from.”

The Chieftain of the Peoples Democratic Party (PDP) lost the presidential elections to President Bola Tinubu in March 2023.

He made this known in a statement released on Sunday by his media aide, Phrank Shaibu.

“Tinubu visited the FMDQ in New York, Qatar and France, where he told lies about removing petrol subsidies. This is not a man who is serious about attracting FDI.

“More worrisome is that he is not even brave enough to admit that subsidy is being paid. The NNPCL admits that N7.8tn is owed to the national oil company by the Nigerian government.

“IMF estimates that subsidy payments this year will constitute three per cent of GDP, which is about $7.5bn. This will be about N11.8tn. Yet, the petrol scarcity continues to linger while the Tinubu administration continues to frustrate the Dangote Refinery and even its own NNPCL facilities.

“Obviously, the subsidy regime has become an even wider conduit pipe through which monies for funding the 2027 election will come from,” Atiku said.

The Adamawa politician also challenged the Federal Government to clarify how Oando Plc, owned by President Tinubu’s nephew, Wale Tinubu, received accelerated approval to acquire the onshore assets of AGIP and ENI.

On Thursday, Oando PLC announced the successful completion of its acquisition of 100 per cent of the shares in Nigerian Agip Oil Company Limited.

In a statement released on Thursday, the company stated, “Today marks a significant milestone for Oando Plc as we proudly announce the finalisation of our agreement with Eni to acquire the entire shareholding of Nigerian Agip Oil Company Limited (NAOC Ltd).”