February 25, 2024

#World Bank Indictment: #CNPP, #CSOs Call For Forensic Probe of #NNPC Limited

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#World Bank Indictment: #CNPP, #CSOs Call For Forensic Probe of #NNPC Limited

Conference Of Nigeria Political Parties (CNPP) and its allied civil society organisations (CSOs) under the aegis of the Coalition Of Civil Society Organisations Against Inept Leadership, have called for forensic probe of the Nigerian National Petroleum Company Limited (NNPCL) and the defunct Nigerian National Petroleum Corporation (NNPC) over years of unremitted and under remitted revenues.

The CNPP and the CSOs were reacting to the indictment of the Federal Government owned NNPC Limited by the World Bank over lack of transparency in the financial gains from fuel subsidy removal as well as observations of the global bank on subsidy arrears that are still being deducted and the impact of subsidy removal revenues accruing to the Federation Account.

In a statement jointly signed by the Deputy National Publicity Secretary of the CNPP, Comrade James Ezema and the National Secretary of the Coalition of CSOs, Alhaji Ali Abacha, the groups called on President Bola Ahmed Tinubu “to think deeply and realise the overall negative impact this lack of transparency in the NNPCL over the years will have on revenue remittances from the oil and gas sectors and reconsider the reappointment of Malam Mele Kyari as the Group Chief Executive Officer (GCEO) of NNPCL.

“We are happy that the Washington-based World Bank in its Nigeria Development Update, December 2023 edition titled, ‘Turning The Corner (from reforms and renewed hope, to results) re-echoed our position that the NNPCL management as appointed by former President Muhammadu Buhari is unfit to remain in office.

“We are also happy that the Minister of Finance and Coordinating Minister of Economy, Wale Edun, has reportedly revealed that the government was ready to scrutinise the revenue flow from the NNPCL.

#World Bank Indictment: #CNPP, #CSOs Call For Forensic Probe of #NNPC Limited

“For us, the continued borrowing to finance budgets since 2015 can be traceable to non-remittances, under remittances and outright stealing of government revenues annually.

“It is shocking that calls for probe of the government owned oil and gas company, even after the revelation by whistleblowers and an order of the Federal Capital Territory (FCT) High Court, compelling Malam Mele Kyari to disclose the whereabouts of the proceeds of sold stolen 48 million barrels of Nigeria’s bonny light crude oil, stored in China and sold under the watch of the current Group Chief Executive Officer (GCEO), remain unheeded.

“By this, President Tinubu has already jeopardised the planned well-being of ordinary citizens in his Renewed Hope Agenda, which is what the reappointment of Malam Kyari will result into in the coming years in view of the track record of lack of transparency in revenue remittances.

“According to the World Bank, in media reports, while revenue gains from the exchange rate reforms are visible, the bank strongly observed that more clarity is needed on oil revenues, including the fiscal benefits from the PMS subsidy reforms.

#World Bank Indictment: #CNPP, #CSOs Call For Forensic Probe of #NNPC Limited

“In the interest of the economy and the suffering masses, it’s time for President Tinubu to order public forensic probe of both the old NNPC and the current NNPCL to block revenue leakages if the gains of Renewed Hope Agenda will go beyond mere wishes”, the groups stated.

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