The Peoples Democratic Party’s 2023 presidential candidate, Atiku Abubakar, has stated that the Federal Government’s decision to the Central Bank of Nigeria to take over responsibility for crude oil sales revenues from the Nigerian National Petroleum Company Limited is illegal.
On Monday, President Bola Tinubu allegedly asked the CBN to accept responsibility for the NNPCL’s crude oil sale revenues. As a result, NNPC is supposed to submit crude oil sales receipts to the CBN for validation and documentation.
In a statement issued on Thursday, Atiku said Tinubu’s instruction endangered the national oil company’s operational independence.
“Without prejudice to the possibility of any good that was intended in the Federal Government’s decision to require the Central Bank of Nigeria to take over responsibility for crude oil sales proceeds from the Nigerian National Petroleum Company Limited, it must be clearly stated that the action is not legal in its application,” he stated.
The former Vice President, noting that little information regarding the decision has been provided to the public, claimed that “whatever the merit of the new arrangement, the presidential directive is a violation of the NNPCL’s legal status.”
Atiku claimed that the order is arbitrary and has the potential to undermine the NNPCL’s operational independence.
“By this order, Mr. President has wrested control of the finances of the NNPCL and donated the same to the Federal Ministry of Finance and the Central Bank of Nigeria.”This is an unusual act that lacks any legal or ethical justification. It also violates the concept of due process in public administration. State-owned firms are not susceptible to such arbitrary instructions and have complete control over their finances within the limits of their individual establishment statutes.
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