Presidential candidate of the Young Progressives Party (YPP), Kingsley Moghalu, said President Muhammadu Buhari’s administration is not transparent, and deceitful.
“According to various media reports, the Group Managing Director of NNPC, Maikanti Baru, last week, told the Senate ad hoc committee investigating alleged $3.5 billion account kept by NNPC for petrol subsidy that only $1.05 billion has been taken from the NLNG dividends fund to defray the cost of ‘under-recovery’ in the importation of fuel,”he added.
The corporation allegedly used the said money to augment the losses being incurred on N145 per litre current pump price of petrol.
However, the presidential hopeful accused the federal government of breaking the law by not remitting the dividends into the federation’s consolidated revenue account.
“The federal government is also required by law to secure budgetary approval from the National Assembly to fund its fiscal commitments, including petrol subsidy,” he added.
“The continuation of petrol subsidy secretly after 67% increase in the pump price of petrol by Buhari shows incompetence in economic management and political will to reform the petroleum industry.”
The president candidate, while stating his plans to reform the oil sector if elected in 2019, promised to abolish fuel subsidy.