Former Vice President and the 2027 African Democratic Congress (ADC) presidential contender, Atiku Abubakar, has called on the Federal Government to investigate and prosecute him if they possess evidence linking him to alleged spending of approximately $16 billion on power projects during former President Olusegun Obasanjo’s administration.
Atiku issued this challenge through a statement from his Senior Special Assistant on Public Communication, Phrank Shaibu, amidst renewed political exchanges between the opposition and the Bola Tinubu administration.
He accused the Federal Government of resurrecting old allegations concerning power-sector projects and privatization as a tactic to divert attention from questions about how revenues from the removal of the petrol subsidy are being used.
Controversy surrounding the power sector expenditure dates back to the Obasanjo administration. After Obasanjo stepped down in 2007, concerns arose over the billions of dollars invested in power projects. Originally reported at about $11 billion, this figure has become widely associated with a $16 billion allegation.
Atiku, who served as Vice President and chaired the National Council on Privatisation, denied any involvement in the alleged misuse of funds. He asserted that successive governments have had ample opportunity to investigate these allegations yet have not prosecuted him for any proven misconduct.
According to Atiku, he was never summoned by the National Assembly to address corruption allegations related to the power projects. He also clarified that while he chaired the National Council on Privatisation, he did not oversee the implementation of the power projects, which was managed by the relevant minister.
He stated that it’s not too late for such action: “Investigate me. Invite me. Provide the evidence. Prosecute me if you have a case. But propaganda cannot substitute for evidence,” Atiku declared.
He also questioned the government’s management of additional revenues following the removal of the petrol subsidy. Atiku argued that Nigerians have faced increased fuel, transportation, and food costs since the subsidy was removed, yet the government has not adequately accounted for how these revenues are improving citizens’ well-being.
He urged the government to account for resources generated since the subsidy removal, asking, “Where is the people’s money?”
As Atiku positions himself as a major opposition candidate for the 2027 presidential election, he has increasingly critiqued the Tinubu administration’s economic reforms, particularly focusing on the removal of petrol subsidy and its impact on household incomes and living costs.
Government officials have defended these reforms as necessary to strengthen public finances and boost economic growth, yet opposition figures continue to call for greater transparency regarding government revenues and expenditures.
The power-sector controversy is set to remain part of the broader political discourse as Nigeria approaches the 2027 elections.
Atiku maintains that should there be credible evidence connecting him to financial misconduct, a transparent investigation and prosecution is warranted rather than political allegations.
The allegations and counter-allegations persist as part of an ongoing political dispute. Any determination of criminal liability would ultimately depend on evidence and due process.
