CNPP Urges President Tinubu to Clarify Financial Strategies Amidst Borrowing Concerns

The Conference of Nigeria Political Parties (CNPP) has expressed concerns over President Bola Ahmed Tinubu's recent financial disclosures, particularly regarding the management of Nigeria's crude oil revenues.

During his inaugural presidential media chat in Lagos, President Tinubu stated that his administration has been meeting its financial obligations without relying on funds from the Nigerian National Petroleum Company Limited (NNPCL).

In response, the CNPP has raised several critical questions:

• Advance Sales of Crude Oil: The CNPP is seeking clarification on allegations that Nigeria's crude oil has been sold in advance. They are requesting details about the duration of these sales and the terms of agreements with buyers, emphasizing the need for public disclosure.

  Preference for Borrowing: The CNPP questions why the administration is opting to borrow funds to finance the 2024 budget when there are revenues from crude oil available. They argue that it is illogical to resort to borrowing, especially given Nigeria's increasing debt profile, when oil revenues are reportedly retained by NNPCL.

• Transparency in NNPCL Affairs: The organization is calling for greater transparency in the operations of NNPCL, urging the President to disclose what the nation earns from the sale of crude oil and how these funds are utilized.
• These concerns come at a time when many Nigerians are facing severe economic hardships, struggling to access basic necessities, with some even losing their lives while seeking free food from well-meaning individuals. The CNPP insists that transparent management of the nation's resources is crucial to alleviate the suffering of the populace.