Kelvin Bowoto
Former Vice President Atiku Abubakar’s special assistant on public communication, Phrank Shaibu, has claimed that the All Progressives Congress-led federal government’s refusal to respond to recent reports on the return of gasoline subsidies demonstrates that public funds have begun to flow into private pockets.
Shaibu made this claim in a statement in response to allegations from the IMF that the Nigerian government has resumed paying petrol subsidies.
According to media sources, the monthly subsidy payment is nearly one trillion Naira, which exceeds the amount paid monthly by President Muhammadu Buhari’s administration.
In response to the controversy, Shaibu stated that it had become evident that one of the reasons the Nigerian National Petroleum Company Limited had not been paying the requisite amount of money into the government’s account was that funds were being siphoned through an opaque and covert subsidy regime.
He stated, “Tinubu has been boasting at every economic event that he deserved to be in the Guinness Book of Records for eliminating petrol subsidies. He even stated before ringing the closing bell at NASDAQ in New York last September that the ‘corrupt subsidy’ regime and foreign exchange concerns had been rectified.
“But, like everything else about Tinubu, this has turned out to be a lie straight out of hell. Currently, the exchange rate proposed by the Central Bank of Nigeria to the Nigeria Customs Service is N1515 per dollar. As a result, diesel prices have risen to N1,200, while petrol remains between N600 and N700 per litre.
“Nigeria is the only country in the world with such a discrepancy in diesel and gasoline prices. It has become clear that gasoline subsidies have returned through the backdoor. With the reinstatement of petrol subsidies, oil marketers have opted out, leaving the NNPC as the sole importer of petrol once more, with the audacity to announce that it will not raise petrol prices regardless of the international price of crude oil or the exchange rate.
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“To be clear, petrol subsidies are not a terrible thing when done in a transparent manner. According to BusinessDay, this subsidy currently costs approximately N1 trillion each month. We had dismissed this as hearsay, but the fact that the administration has kept silent 72 hours after the story was published indicates that the report is correct.
“Lamido Sanusi, the former Governor of the Central Bank of Nigeria, expressed surprise last month that the NNPC was still not remitting foreign currency into government accounts. It’s now clear why this has been happening. Subsidies have returned, but they are now being administered in a fraudulent and secretive manner, with monies being diverted into private wallets much more than under Buhari. This is the Tinubu Lagos legacy in Lagos State.”
Shaibu expressed disappointment that finance minister Wale Edun and CBN Governor Yemi Cardoso, who both claimed to have been appointed based on their experience, had failed to speak up and had continued to cover up the petrol subsidy.
According to Atiku’s adviser, the Tinubu government has continued to thwart the start-up of the Dangote refinery, which would have decreased Nigeria’s foreign exchange demands.
He stated, “The media reported last week that pending regulatory permits have halted Dangote Petrochemical Refinery’s proposal to release aviation fuel (Jet A1) and diesel for sale in the Nigerian market.
“At the same time, the Dangote refinery has been struggling to obtain the required crude oil and has decided to import from the United States, while the NNPC, which has no business with monetary policy, committed Nigeria’s crude oil for a $3.3 billion Afrexim loan, presumably to stabilize the naira.
“It is clear that Tinubu and his so-called economic team are quacks and charlatans who prioritize their personal interests over those of the country. With such Lilliputians in power, Nigeria’s economic troubles are set to worsen.”
Techrectory with Agency Report.
