A major political storm is brewing as the African Democratic Congress (ADC) has publicly accused President Bola Tinubu of acting “beyond his powers” by unilaterally approving the cancellation of colossal debts owed by the Nigerian National Petroleum Company Limited (NNPCL) to the Federation Account.
The controversy erupted on Saturday after reports surfaced confirming that President Tinubu had cleared approximately $1.42 billion and over N5.5 trillion in outstanding NNPCL obligations, following a reconciliation exercise with revenue authorities.
“Funds Don’t Belong to the President Alone!”
The ADC wasted no time in condemning the move, arguing that the decision directly impacts the financial allocations of federal, state, and local governments.
“Funds due to the federation account do not belong to the president alone to forgive or cancel,” stated Bolaji Abdullahi, the party’s outspoken spokesperson. “This is a collective national revenue, and any decision impacting it must involve all tiers of government and receive the explicit approval of the National Assembly.”
Undermining Transparency and Constitutional Process?
The ADC warned that bypassing these critical constitutional processes not only undermines transparency in public finance management but also sets a dangerous precedent for future financial decisions. Abdullahi emphasized that the principles of checks and balances are fundamental to Nigeria’s democracy.
Grave Political Consequences?
The party further cautioned that if such an action is left unchallenged, it could amount to a “serious breach of the constitution” with potentially grave political consequences for the nation. This suggests the ADC might be considering legal or legislative actions to contest the President’s decision.
This accusation by the ADC highlights deep-seated concerns over executive power, financial transparency, and the delicate balance of federalism in Nigeria. The coming days are expected to see intensified debate and reactions from other political parties and civil society organizations.
