Former Vice President Atiku Abubakar has challenged President Bola Tinubu to explain the rising financial obligations associated with Nigeria’s state-owned refineries, arguing that the administration must take responsibility for decisions made during its tenure.
Atiku, the African Democratic Congress (ADC) presidential candidate, made the accusation in a statement issued on Sunday by his Senior Special Assistant on Public Communication, Phrank Shaibu.
He cited NNPC financial records showing that the combined obligations of the Port Harcourt, Warri and Kaduna refineries to Nigerian National Petroleum Company Limited rose from about ₦4.52 trillion at the end of 2023 to ₦8.67 trillion at the end of 2024—an increase of roughly ₦4.15 trillion. The figures have also been reported from NNPC’s 2024 financial statements.
Atiku said the increase warrants an explanation of how the funds were used and what tangible economic returns Nigerians received.
However, the figures should not be interpreted as proof that the Tinubu administration itself spent ₦4.15 trillion on the refineries. The obligations reflect the financial position of the refinery subsidiaries and include accumulated funding and related costs. NNPC’s accounts therefore provide evidence of increased liabilities, but do not by themselves establish that the entire increase represented new expenditure authorised personally by Tinubu.
The criticism comes as NNPC reassesses the commercial viability of its refineries. In February, Group Chief Executive Officer Bayo Ojulari said an internal review found that the facilities were operating at significant losses, prompting the company to suspend operations while it considered a more sustainable model. Reuters reported that NNPC was subsequently seeking experienced technical and equity partners rather than continuing with its previous contractor-led approach.
The Port Harcourt refinery illustrates the difficulties. NNPC announced in November 2024 that its 60,000-barrel-per-day old plant had resumed operations at 70% capacity. The company later announced a planned maintenance shutdown beginning May 24, 2025.
Atiku argued that the contrasting announcements expose weaknesses in the government’s management of the refineries and demanded greater accountability for rehabilitation spending.
His intervention also highlights a larger economic challenge. Nigeria needs reliable domestic refining capacity to reduce exposure to imported petroleum products, but continued investment in facilities that cannot operate profitably risks tying up scarce capital without corresponding returns.
The Presidency had not publicly responded to Atiku’s latest allegations at the time of publication.
