BENIN CITY: Lucky Obukohwo, Reporting
Former Vice President Atiku Abubakar has asked the Bola Tinubu administration to come plain and explain to Nigerians the issues of petrol subsidy policy and petroleum refining.
The 2023 presidential candidate of Peoples Democratic Party (PDP) made the demand in a Facebook post on Monday.
Atiku said latest revelations circulating through credible media outlets regarding the federal government’s covert continuation of petrol subsidy represent another chapter in the opaque governance under Tinubu.
He was reacting to media reports that Tinubu approved the Nigerian National Petroleum Company (NNPC) Ltd.’s request to use its 2023 final dividends to cover petrol subsidy payments.
This is as the company’s financial forecast shows that the cumulative petrol subsidy bill from August 2023 to December 2024 will reach N6.884 trillion, which leaves NNPC unable to remit N3.987 trillion in taxes and royalties.
NNPC was said to have informed Tinubu that it would be unable to remit taxes and royalties to the federation account due to the “subsidy shortfall/FX differential.”
Atiku said the continuation of subsidy payment “starkly contrasts with the president’s firm assertions in a national broadcast, which followed closely on the heels of public protests decrying poor governance, where he declared the subsidy regime concluded.
“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,” Atiku said.
“Moreover, the persistent denials by NNPC Ltd 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.
“It is paramount that the President, who is intrinsically 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 Ltd 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”, Atiku said.