The Conference of Nigeria Political Parties, CNPP, has questioned why President Bola Ahmed Tinubu’s administration has been borrowing to finance the 2024 budget despite reported revenue from crude oil managed by Nigerian National Petroleum Company Limited, NNPCL.
During the inaugural Presidential Media Chat, President Tinubu highlighted his administration’s ability to meet financial obligations without relying on funds from the NNPCL.
While the CNPP acknowledged the effort, it raised concerns about the implications of the statement and called for “immediate and transparent answers” to several critical questions.
A statement signed by James Ezema, CNPP Deputy National Publicity Secretary, and made available to our reporter in Taraba State on Monday, wondered why the incumbent administration has been borrowing to finance the 2024 budget despite reported revenue from crude oil managed by NNPCL.
“It does not make any business sense to resort to borrowing, especially given Nigeria’s growing debt profile, when oil revenues are reportedly untouched in the coffers of NNPC Limited.
“This is even more troubling when Nigerians are grappling with severe hunger and struggling to access basic necessities, with some losing their lives while seeking free food from well-meaning individuals,” CNPP stated.
It challenged President Tinubu to clarify allegations that Nigeria’s crude oil has been sold in advance.
It further demanded details about the duration of these sales and the terms of agreements with buyers, insisting that such information be disclosed to the public.
“Nigerians deserve full disclosure on these financial decisions to understand the administration’s efforts toward economic recovery, stability, and growth as the country approaches 2025.
“Transparency and accountability are essential to aligning government actions with the best interests of the Nigerian people,” CNPP added.
