Former Vice President and Peoples Democratic Party (PDP) presidential candidate in the last election, Atiku Abubakar, has criticized the Nigerian National Petroleum Company Limited (NNPCL) for announcing a loan supposedly aimed at supporting the naira. Atiku's spokesperson, Phrank Shaibu, labeled the announcement as deceptive, suggesting it was a ploy to artificially boost the naira's value on the parallel market.
In a statement, Atiku's camp contended that the move was lacking in substance and originality, leading to the reiteration of their view that President Bola Tinubu's economic expertise is limited. Atiku's team emphasized that the responsibility for monetary policy falls under the purview of the Central Bank of Nigeria, and they questioned the NNPCL's decision to secure a loan to stabilize the naira, given its claim of being a profit-oriented entity.
Drawing a comparison between the actions of the NNPCL and the Central Bank, as led by Godwin Emefiele, Atiku's aide expressed concern over declining oil production during Tinubu's tenure, attributing it to persistent oil theft. The statement criticized Tinubu's choice to seek foreign loans rather than focusing on increasing production and exports to boost foreign exchange liquidity.
Atiku's spokesperson highlighted past criticisms of Tinubu's administration, particularly related to loans taken to defend the naira. The statement underscored the contention that the recent loan announcement was likely aimed at influencing the naira's value on the parallel market, thereby affecting the government's credibility.
The statement also criticized the NNPCL for not fully embracing its role as outlined in the Petroleum Industry Act, pointing out its failure to transition into a public limited liability company. The remarks further drew attention to NNPCL's head, Mele Kyari, suggesting that his actions aligned with political interests, akin to Emefiele's tenure.
Shaibu asserted that Tinubu's economic approach lacked clarity, leading to a series of policy reversals that were reportedly impacting Nigerian bonds, as reported by Bloomberg. The statement concluded by quoting a recent editorial from The Punch, which portrayed Tinubu as impulsive and without regard for consequences. It referenced instances such as the removal of petrol subsidies and decisions surrounding the naira's floating.
Additionally, the statement criticized Tinubu for his alleged role in regional tensions without Senate approval and raised doubts about his claims of deregulating the petroleum sector, pointing out the continued influence of NNPC in setting petrol prices despite the purported deregulation. The statement emphasized the need for Nigerians to be vigilant and not deceived by Tinubu's assertions.
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