Atiku Abubakar Demands Audit as Petrol Prices Hit N1,470

Petrol prices in major Nigerian cities including Abuja, Lagos, and Ibadan have climbed to between N1,370 and N1,470 per litre, driven by Middle East tensions and international crude oil surges. Atiku Abubakar, presidential candidate for the African Democratic Congress, has demanded a forensic audit of oil revenues and subsidy savings from 2023 to date. He argues that the administration of President Bola Tinubu has failed to account for federation account deductions and resources promised for infrastructure, healthcare, and education.

The African Democratic Congress stated that the fuel price hike has created a ripple effect, increasing the costs of food, transportation, and electricity, while forcing private schools to raise fees by 30 to 40 per cent. The party urged the federal government to reassess reforms that it claims are making citizens poorer.

Addressing the domestic production side, Aliko Dangote, President of Dangote Group, explained that local refining cannot fully shield Nigeria from global market disruptions because the refinery purchases crude at international rates. He noted that petrol remains 30 percent to 50 percent cheaper in Nigeria than in neighboring countries, which continues to fuel smuggling. While Dangote assured that his refinery would prevent fuel shortages, he warned that 30 percent interest rates and poor electricity supply hinder Nigeria's industrialization.