The Presidential Candidate of the Peoples Democratic Party (PDP) at the last elections, Atiku Abubakar, has slated President Bola Tinubu for approving the continued payment of the Premium Motor Spirit (PMS), popularly known as fuel, by the Nigerian National Petroleum Company Limited (NNPCL)......See Full Story>>.....See Full Story>>
Atiku made his dissapointment known in a statement on his X account on Monday.
The Ex Vice President pointed to the President’s earlier announcement about the removal of fuel subsidy and his stance on not going back.
Neusroom learnt that President Tinubu gave approval to the NNPCL to use the 2023 final dividends owed to the federation to offset the costs of fuel subsidies.
The NNPC informed President Tinubu over their inability to pay taxes and royalties into the federation account due to the subsidy payments.
The President reportedly approved that the payment of 2024 interim dividends to the federation be discontinued in order to aid NNPC’s cash flow.
“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 fulfill 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 clarifies 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.
“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 fulfill 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 clarifies 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,” Atiku wrote.