Former Vice President Alhaji Atiku Abubakar has urged President Bola Ahmed Tinubu to clarify the confusion surrounding the subsidy policy and the refining of PMS. He mentioned that the secrecy shrouding the downstream petroleum sector has been quite unbearable.
A report by The Cable on Monday revealed that President Tinubu had approved the Nigerian National Petroleum Company Limited (NNPC) to use the 2023 final dividends owed to the federation to cover the petrol subsidy. This subsidy was initially cancelled during President Tinubu’s inauguration on May 29, 2023.
According to a presidential source to theCable, the President also approved the suspension of the payment of 2024 interim dividends to the federation to augment NNPC’s cash flow.
Atiku stated on Monday that NNPC’s persistent denial has worsened the situation for Nigerians, who must face price fluctuations amidst the resulting economic impact.
He emphasized that only transparent leadership can provide Nigerians with reassurance and confidence in the current government, especially given the difficult circumstances they are facing.
“The latest revelations circulating through credible media outlets regarding the federal government’s covert continuation of the subsidy on Premium Motor Spirit (PMS) represent another chapter in the opaque governance under President Bola Tinubu’s administration. This development starkly contrasts with the President’s firm assertions in a national broadcast, which followed closely on the heels of public protests decrying poor governance, where he declared the subsidy regime concluded. However, 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.
“It is 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 clarify 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. -AA”
Meanwhile, GCEO of NNPC Ltd, Mele Kyari while speaking to newsmen Nigerians to disregard the fake news as there is no subsidy whatsoever
“There’s no subsidy whatsoever. We are recovering the full cost of the product we bought, which we sell to the market. We understand why the marketers are unable to import. We hope that they do it quickly as this is one of the interventions the government is doing so there’s no subsidy. “
