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Atiku Takes Issue With CBN’s Involvement In NNPC Crude Sales

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Atiku Takes Issue With CBN’s Involvement In NNPC Crude Sales

Former Vice President Atiku Abubakar has raised concerns over President Bola Tinubu’s directive to empower the Central Bank of Nigeria (CBN) to oversee crude oil sales proceeds from the Nigerian National Petroleum Corporation Limited (NNPCL). Atiku argues that the CBN does not possess the exclusive responsibility to carry out such a directive……CONTINUE READING....KINDLY READ THE FULL STORY HERE▶

 

 

 

 

 

Tinubu’s directive, issued on Monday, instructs the CBN to take charge of crude oil sales from the NNPCL. Consequently, the NNPCL will submit receipts for crude oil sales to the CBN for verification and documentation.

However, Atiku proposes that the central bank collaborates with the Nigeria Extractive Industry Transparency Initiative to ensure transparency and accountability in the process. In a statement released on Thursday and reported by PUNCH Online, the former Vice President, who held office for eight years from 1999-2007, deems the directive as “illegal” and believes it undermines the operational independence of the NNPCL.

Atiku points out that the Central Bank Act of 2007 does not grant the CBN the responsibility to vet transactions, or formulate and maintain internal controls and audits in state-owned enterprises, whether public or private. He emphasizes the need for the CBN to focus on its core functions as outlined in the existing law.

In January 2024, Atiku had previously called on Tinubu to explain the utilization of the NNPCL’s $3.3 billion emergency crude repayment loan obtained on August 16, 2023. The loan was intended to support the naira and stabilize the foreign exchange market.

Despite acknowledging the potential positive intentions behind the Federal Government’s decision to involve the CBN in crude oil sales proceeds, Atiku asserts that the action is legally questionable. He criticizes the lack of detailed information provided by the Tinubu-led administration and believes that the directive jeopardizes the NNPCL’s operational independence.

As a presidential aspirant for the Peoples Democratic Party in the 2023 general elections, Atiku expresses dissatisfaction with Tinubu’s decision to take control of the NNPCL’s finances and allocate them to the Federal Ministry of Finance and the Central Bank of Nigeria.

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POLITICAL WARFARE: OK Movement Fires Back At Seriake Dickson, Swears Never To Surrender Party Structure!

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The Obi-Kwankwaso Movement (OK Movement) has pushed back strongly against statements made by Nigeria Democratic Congress (NDC) National Leader, Senator Seriake Dickson, clarifying that it will not surrender its political structure to the party.....KINDLY READ THE FULL STORY HERE▶

The exchange follows Dickson’s remarks regarding the role of political support groups, where he argued that such groups should complement political parties rather than operate as rival structures. He also dismissed the OK Movement’s decision to establish a campaign council as “nonsensical.”

In a swift response, the Director-General of the OK Movement, John Ughulu, rejected the notion that the organization is an ordinary support group or an appendage of the NDC.

  • Independent Identity: Ughulu emphasized that the OK Movement is independently organized and managed, distinct from conventional political support groups.

  • Multi-Party Coalition: He explained that the movement brings together individuals from various political parties united behind the NDC presidential ticket of Peter Obi and Rabiu Kwankwaso.

  • Structure Retention: The DG maintained that the movement will preserve its national, state, local government, and ward structures, stating that political cooperation does not mean organizational subordination.

  • Right to Mobilize: Ughulu defended the creation of the movement’s campaign council, noting that it violates no party provisions and is designed to boost mobilization without usurping party authority.

Concluding his statement, Ughulu stressed that while the group is committed to working with the NDC and its candidates, its internal administration and organizational framework remain strictly under its own management.

Would you like me to generate a news graphic or headline layout for this rephrased article as well?

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“WE CANNOT FIX FUEL PRICES!” SHOCKING ADMISSION FROM TINUBU’S MINISTER STUNS NIGERIANS!.

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The Minister of State for Petroleum Resources, Heineken Lokpobiri, has stated that the federal government does not have the power to control or fix petrol prices because the downstream sector is fully deregulated in line with global standards.....KINDLY READ THE FULL STORY HERE▶

Speaking on Channels Television’s Politics Today, Lokpobiri explained that energy costs and pricing are driven by global market dynamics, noting that economic pressures affecting Nigerians’ purchasing power are also being felt in the United States and Europe due to international challenges like the Middle East crisis.

Key highlights from his interview include:

  • Global Commodity Pricing: Lokpobiri emphasized that oil and gas are traded globally, meaning prices in Nigeria mirror those in international markets, and production volume changes will not alter global commodity pricing.

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  • No Price Control: Responding to whether the administration holds the authority to regulate pump prices, the minister clarified that the government cannot arbitrarily dictate rates without reintroducing subsidies, as the market is completely deregulated.

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  • Defense of Subsidy Removal: Defending President Bola Tinubu’s inauguration-day decision to scrap the fuel subsidy, Lokpobiri argued that the timely move saved Nigeria from an economic collapse comparable to Venezuela’s.

    WEBP
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“THE REAL REASON I WENT TO ROME!” GODSWILL AKPABIO DROPS A HILARIOUS YET SHOCKING TRUTH BOMB!

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Senate President Godswill Akpabio has disclosed that his recent trip to Rome, Italy, included a spiritual pilgrimage to pray for Nigeria and seek divine intervention against terrorism, banditry, and national insecurity.....KINDLY READ THE FULL STORY HERE▶

Speaking with journalists, Akpabio explained that he visited the mausoleum of Saint Padre Pio in the global center of Christianity to offer special supplications.

Key highlights from his statement include:

  • Comprehensive Prayers for Leadership: Akpabio emphasized that his prayers extended beyond President Bola Tinubu and himself to include the Vice President, the Federal Executive Council, members of the National Assembly, and all citizens.

  • Tackling National Security: He specifically focused his prayers on asking God to liberate Nigeria from the burdens of insecurity, banditry, and terrorism.

  • A Matter of Faith: Acknowledging that the spiritual journey might seem unusual to some, the Senate President stressed his firm belief in divine protection, quoting the principle that watchmen watch in vain unless God guards the house.

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