Former Vice-President Atiku Abubakar has said the continued payment of the subsidy on Premium Motor Spirit (PMS) and the general management of the nation’s resources call to question the credibility of the present administration......Read The Full Article>>.....Read The Full Article>>
President Bola Tinubu has approved the request of the Nigerian National Petroleum Company Limited (NNPCL) to use the 2023 dividends due to the federation to pay for petrol subsidy.
Reports in the media also disclosed that the president also approved the suspension of the payment of 2024 interim dividends to the federation in order to shore up the oil firm’s cash flow.
Reacting to the development in a statement on Monday, Atiku said the latest revelations further underscored the lack of transparency and accountability that the president Bola Tinubu administration has become synonymous with. .
He said the development sharply contradicts the President’s claims in a National Broadcast where he declared the subsidy had been completely removed.
Atiku pointed out that constant disparity in the president’s words and his actions chips away at the credibility of his government.
The Peoples Democratic Party (PDP) Presidential Candidate in the last election, however, said, “disclosures prior to his announcement have consistently indicated a resurgence of subsidy payments, albeit through less transparent means.
“This dissonance between the President’s words and his actions not only undermines the moral fabric of his leadership but also significantly erodes the credibility of his administration.
“At a time when the nation grapples with severe fuel scarcity and escalating energy costs, the continued delays in the re-operation of the Port Harcourt refinery stand as a national disgrace — a failure that rests firmly on the shoulders of President Tinubu, who also holds the office of the Minister of Petroleum Resources.
“Moreover, the persistent denials by NNPC Limited only exacerbate the plight of Nigerians, who endure severe difficulties due to fuel shortages and resultant price inflations. Amidst a contentious dispute between local investors favouring refinery operations and those advocating for imported PMS, the President’s silence is profoundly disconcerting.”
Atiku said it has become paramount that the President, who is inherently responsible for overseeing and intervening in such critical disputes to safeguard national interests, steps up to fulfil these expectations.
“The veil of secrecy shrouding the downstream petroleum sector, coupled with alarming reports of NNPC Limited diverting funds intended for other purposes to cover subsidy payments, adds layers of confusion that are unbearably unsettling.
“If these reports hold true, they portend grave implications for the integrity of our fiscal federalism. It is imperative, therefore, that the Tinubu administration urgently clarifies the entanglements surrounding the subsidy policy and the refining of PMS.
“Only through transparent governance can Nigerians hope to find relief from the current debilitating conditions of fuel scarcity and the spiralling inflation affecting petroleum products,” he said
