Atiku Slams NNPCL’s $3bn Loan As Deceptive Effort To Stabilize Naira

Atiku Slams NNPCL’s $3bn Loan As Deceptive Effort To Stabilize Naira

Former Vice President and 2023 Presidential Candidate of the Peoples Democratic Party, Atiku Abubakar, has strongly criticized the $3 billion loan recently injected into the economy by the Nigerian National Petroleum Company Limited (NNPCL), deeming it a fraudulent attempt to stabilize the naira.

Through his Special Assistant on Public Communications, Mr. Phrank Shaibu, Atiku voiced his concerns in a statement released on Wednesday.

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He asserted that the stated purpose for the loan is merely a guise to artificially boost the naira’s value in the parallel market.

Atiku went on to label this maneuver as superficial and devoid of innovation.

He also took aim at President Bola Tinubu, claiming that it exposes his lack of economic insight and creative solutions for rescuing an economy plagued by impractical policies.

The former Vice President highlighted that the role of monetary policy lies within the purview of the Central Bank of Nigeria (CBN), not the NNPCL.

He questioned the rationale behind the NNPCL, an entity claiming profitability, seeking a loan with the primary objective of naira stabilization.

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Drawing parallels between the actions of the NNPCL and the CBN under the leadership of Godwin Emefiele, Atiku pointed out that oil production has dwindled during Tinubu’s tenure due to ongoing oil theft.

He criticized the decision to resort to foreign loans instead of addressing the root issues and bolstering forex liquidity through increased production and exports.

Atiku asserted that the current administration’s tactics mirror those of its predecessor in obtaining foreign loans. He called into question the authenticity of the NNPCL’s claim and expressed concern about the potential impact on the government’s credibility.

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Furthermore, Atiku accused the NNPCL of failing to evolve beyond a typical government agency, as demonstrated by its refusal to transition into a publicly listed company as stipulated in the Petroleum Industry Act.

He criticized Mele Kyari, the head of NNPCL, for allowing himself to be manipulated for political gains, much like Emefiele.

In light of these criticisms, Atiku underscored President Tinubu’s lack of a coherent economic strategy, emphasizing that his hasty policy decisions have adversely affected Nigerian bonds.

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He characterized Tinubu as an erratic figure causing disruption without considering the consequences.

Atiku concluded by cautioning Nigerians not to be deceived by Tinubu’s actions and policies, urging them to remain vigilant and informed.