Be transparent on NNPCL affairs, CNPP tells Tinubu

“66th ECOWAS Heads of State and Government Summit” held at Aso Rock Palace in Abuja, Nigeria on December 15, 2024. Nigerian President Bola Ahmed Tinubu attended the summit. (Photo by Nigerian Presidency)

The Conference Of Nigeria Political Parties (CNPP) has expressed concern over the recent disclosure by President Bola Ahmed Tinubu during his maiden Presidential Media Chat, claiming that his administration has met its financial obligations without resorting to the Nigerian National Petroleum Company Limited (NNPCL) for funding.

The conference said that while the disclosure by the President is seemingly positive, raises several critical questions that demand immediate and transparent answers.
Besides, the CNPP explained that during the media chat, President Tinubu urged Nigerians to believe in his government, stating that the administration, which is “just 18 months old, is on the right path and marks a glorious dawn” for Nigeria.

Tinubu, according to the group, boasted, “push me to my brag mode, in the last three months, I’ve not taken a penny from NNPC before I meet my other obligations; to me, that is excellent.”

In a statement on Monday, Deputy National Publicity Secretary of CNPP, James Ezema said, “While the CNPP acknowledges the President’s efforts to manage the nation’s finances, we are deeply concerned about the lack of clarity surrounding this development.”

“We question why the President has been borrowing to finance the 2024 budget when there is revenue from crude oil with NNPC Limited. It does not make any business sense to resort to borrowing, especially given Nigeria’s increasing debt profile, when oil revenues are reportedly left in the coffers of NNPC Limited.

“This is particularly troubling at a time when Nigerians are suffering from severe hunger and struggling to access basic necessities while some are dying in their quest to access free food by spirited individuals.”

“The CNPP demands a detailed explanation from President Tinubu on this matter. We urge the President to clarify why he prefers borrowing over utilising available oil revenues. Furthermore, we insist that the administration come clean on the earlier revelation that Nigeria’s crude oil has been sold in advance.

“The details of this transaction, including the duration of the crude oil sales and the terms of the agreement with the buyers, must be disclosed to the public.

“Nigerians deserve to know the full extent of these financial decisions to appreciate the President’s efforts towards economic recovery, stability, and growth as we approach the year 2025.

Transparency and accountability are paramount in ensuring that the government’s actions align with the best interests of the Nigerian people.”

Meanwhile, the CNPP has called on President Tinubu “to provide comprehensive information on these critical issues”, pointing out that “only through such transparency can the administration build the trust and confidence of the Nigerian populace.”