CNPP Calls for Transparency on Crude Oil Sales

The group in a statement signed by its Deputy Publicity Secretary, Mr James Ezema, said the Nigerian National Petroleum Company (NNPC) Limited must be transparent with its dealings.

Recall that last Monday, Mr Tinubu held his first Presidential Media Chat in Lagos, where he said the government had met its financial obligations without resorting to the NNPC for funding.

He 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.

The President confidently declared, “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.”

While reacting to this, the CNPP said though this appears positive, it raises several critical questions that demand “immediate and transparent answers.”

It questioned why the President has been borrowing to finance the 2024 budget when there is revenue from crude oil with NNPC Limited.

The CNPP argued that, “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 concern is particularly troubling at a time when Nigerians are suffering from severe hunger and struggling to access basic necessities, with some even dying in their quest to access free food provided by spirited individuals,” the organisation added.

The CNPP demanded a detailed explanation from President Tinubu on this matter, urging him to clarify why he prefers borrowing over utilizing available oil revenues.

Furthermore, it insisted that the Tinubu 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”, the CNPP stated.

According to the group, “Nigerians deserve to know the full extent of these financial decisions to appreciate the President’s efforts towards economic recovery, stability, and growth as the country approaches the year 2025. Transparency and accountability are paramount in ensuring that the government’s actions align with the best interests of the Nigerian people.”

The CNPP, therefore, called on President Tinubu to “provide comprehensive information on these critical issues. Only through such transparency can the administration build the trust and confidence of the Nigerian populace.”