Nigeria’s former Vice President, Atiku Abubakar, has called upon President Bola Tinubu’s administration to provide transparency regarding the Nigeria National Petroleum Company Limited (NNPCL) $3.3 billion emergency crude repayment loan. Atiku’s concerns revolve around the lack of public discourse by the federal government regarding this substantial loan, with information being disseminated solely through unofficial channels from the NNPCL.
The loan, intended to bolster the Naira and stabilize the foreign exchange market, was secured by the NNPCL on August 16, 2023. Of particular concern to Atiku is the government’s decision to register a company in the Bahamas, despite the country’s recent involvement in the Paradise Papers scandal, raising questions about the integrity and motivations behind this loan deal.
Atiku, the opposition Peoples Democratic Party (PDP) 2023 presidential candidate, highlights the discrepancy between the $3.3 billion loan amount and the estimated $12 billion repayment, pointing to a lack of transparency and seeking answers from the government on critical aspects of the deal. These aspects include access to the loan, approval alignment with the National Assembly’s borrowing plan, involved parties and their roles, loan conditions, and the rationale behind registering a Special Purpose Vehicle (SPV) in the Bahamas.
In essence, Atiku’s statement puts forth fundamental questions aimed at eliciting clarity and openness from the government, ultimately seeking to ensure that the interests and concerns of the Nigerian people are addressed and accounted for in this significant financial undertaking.
As Nigeria grapples with the economic implications of such a substantial loan, the call for transparency in this matter becomes ever more pertinent, and Atiku’s stance serves as a voice advocating for the necessary accountability in Nigeria’s financial dealings.
