According to Sahara Reporters, former Vice President and presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar,
has criticized the directive issued by President Bola Tinubu regarding the Central Bank of Nigeria (CBN) taking over the responsibility for crude oil sales proceeds from the Nigeria National Petroleum Company Limited (NNPCL).
Atiku described the directive as illegal and warned of its potential adverse effects on the operational independence of the NNPCL and Nigeria’s petroleum industry.
In a statement issued on Thursday, Atiku expressed concern over the lack of transparency and communication surrounding the decision, emphasizing the need for clarity and adherence to legal procedures.
He questioned the legality of the directive, highlighting its potential to violate the operational independence of the NNPCL, which he described as a state-owned enterprise with full control over its finances.
Atiku stressed that the NNPCL was established under the Petroleum Industry Act 2021 (PIA) and must be allowed to operate independently in accordance with the law.
He warned that any attempt to undermine the operational independence of the NNPCL could hinder investment prospects and impede the country’s global relevance in the petroleum industry.
Furthermore, Atiku emphasized the need for transparency and accountability in the operation of the NNPCL, suggesting measures such as the involvement of the Nigeria Extractive Industry Transparency Initiative (NEITI) and the reconstitution of the NNPCL board to enhance oversight.
He reveals the importance of allowing the CBN to focus on its core functions as provided by law, rather than involving it in the affairs of state-owned enterprises. Atiku’s critique of President Tinubu’s directive reflects broader concerns about governance, transparency, and adherence to legal processes in Nigeria’s petroleum sector.