Former Vice-President Atiku Abubakar has said the credibility of the present administration has been called to question over the continued payment of the subsidy on Premium Motor Spirit (PMS).
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 a session of the media also disclosed that the president also approved the suspension of the payment of 2024 interim dividends to the federation in order to augment the oil firm’s cash flow.
Reacting to the development in a post on his Verified Facebook page, Atiku said the latest revelations represent another chapter in the opaque governance under the current administration.
He said the development contrasts with the President’s assertions in a National Broadcast where he declared the subsidy regime concluded.
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 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 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.
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