Former Vice President and presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar, has raised a strong call for transparency surrounding the Nigerian National Petroleum Corporation (NNPC)'s alleged repayment of a $3.3 billion loan with $12 billion worth of crude oil. In a statement released on Thursday, Atiku expressed deep concern over the seemingly opaque deal, questioning the rationale behind such an exorbitant exchange and demanding clear explanations from the ruling All Progressives Congress (APC) government.
"This transaction raises more questions than answers," Atiku stated. "How can any responsible government agree to repay a $3.3 billion loan with a mind-boggling $12 billion worth of crude oil? This is not just fiscally imprudent, it reeks of potential mismanagement and disregard for public accountability."
Abubakar made this demand in a statement issued by his media adviser, Paul Ibe, on Friday. He said the NNPC's admission that it used 130 million barrels of crude oil to service the loan raised serious questions about the transparency and accountability of the state-owned oil company.
According to Abubakar, the NNPC's disclosure contradicted its earlier claim that it had no outstanding loans. He also wondered why the NNPC did not disclose the terms and conditions of the loan, the interest rate, the duration, and the beneficiaries.
Abubakar accused the APC-led federal government of mismanaging the nation's oil resources and plunging the country into deeper debt. He said the NNPC's oil-for-loan deal was a clear case of "robbing Peter to pay Paul" and called for a thorough investigation into the matter.
He further highlighted the alarming discrepancy between the loan amount and the value of crude oil purportedly used for repayment. "At current market prices, $12 billion worth of crude oil is nearly four times the value of the original loan. This raises serious concerns about potential overvaluation, hidden costs, and ultimately, a loss of valuable national resources," the former VP asserted.
Atiku also expressed reservations about the secrecy surrounding the deal, particularly the NNPC's choice to utilize a special purpose vehicle registered in the Bahamas, a jurisdiction notorious for its opaque financial practices. "Why resort to such shrouded tactics if the transaction is above board? Why not involve the National Assembly and ensure full transparency for the Nigerian people?" he questioned.
The PDP flagbearer concluded his statement by demanding immediate action from the APC government. "We call for a thorough and transparent investigation into this opaque deal. The Nigerian people deserve to know the truth about how their national resources are being managed. The government must account for every barrel of crude and every dollar involved in this questionable transaction," he insisted.
This latest development has ignited public discourse and renewed demands for accountability within the oil and gas sector. With elections looming on the horizon, transparency and responsible resource management are likely to remain key focal points in the coming months.
He urged Nigerians to vote for the PDP in the 2024 general elections, promising to reform the NNPC and ensure that it operates in the best interest of the country.
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