CurrentReport Blog The Conference of Nigeria Political Parties (CNPP) has raised concerns about President Bola Ahmed Tinubu’s administration borrowing to finance the 2024 budget despite reports of revenue from crude oil managed by the Nigerian National Petroleum Company Limited (NNPCL).
In a statement signed by CNPP Deputy National Publicity Secretary, James Ezema, and made available on Monday in Taraba State, the group called for transparency regarding the country’s financial decisions.
Questions Raised Over Budget Financing
During the inaugural Presidential Media Chat, President Tinubu highlighted his administration’s ability to meet financial obligations without relying on funds from NNPCL. However, the CNPP expressed skepticism, questioning why the government continues to borrow amidst claims of untouched oil revenues.
“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,” the CNPP stated.
The organization also highlighted the severe economic challenges faced by Nigerians, including hunger and lack of access to basic necessities, further underscoring the need for clarity on the country’s financial strategies.
Calls for Transparency on Oil Revenue Management
The CNPP demanded explanations for allegations that Nigeria’s crude oil has been sold in advance, urging the government to disclose:
- The duration of these forward sales.
- Terms of agreements with buyers.
- Full details of oil revenue management.
“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,” the group emphasized.
Need for Transparency and Accountability
The CNPP stressed that transparency and accountability are critical to ensuring government actions align with the best interests of Nigerians. It urged President Tinubu to address these concerns publicly to rebuild trust and confidence in the administration’s economic recovery efforts.
