Former Governor of the Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi has declared that the President of Nigeria, Bola Tinubu should not double as the Minister of Petroleum.

Sanusi made the submission on Thursday while speaking at The Bank Directors Summit held at the Congress Hall of the Transcorp Hilton in Abuja.

According to him, the advice is necessary in order to have someone who can be held accountable because if anything goes wrong in the petroleum sector, people would not want to speak against the President.

The former Emir of Kano also called for the audit of the Nigerian National Petroleum Company Limited (NNPCL), noting that this call was what cost him his job as the CBN Governor.

“Let me advise that the idea of the president being petroleum minister. The last president was minister of petroleum for eight years.

“When I was governor of CBN, we had a petroleum minister. So when we talk about NNPC, I could attack Diezani, now nobody can talk about petroleum because in 8 years if you talk, you are attacking the president,” he said.

President Tinubu upon assumption of office, split the Ministry of Petroleum Resources with the appointment of Ekperipe Ekpo as Minister of State, Gas Resources; and Heineken Lokpobiri as Minister of State, Petroleum Resources but retained the position of substantive Minister of Petroleum Resources for himself.

This follows the style of his predecessor, Muhammadu Buhari who also doubled as the Minister of Petroleum during his tenure.

But Sanusi stated during his talk that the President shouldn’t be the Minister of Petroleum as well.

by Bobloco: 8:31pm On Nov 29

Tinubu’s 2024 budget deceitful, has no mechanism for economic recovery- PDP
The Peoples Democratic Party has criticized the proposed N27.5 trillion budget for the 2024 fiscal year by President Bola Tinubu to the National Assembly as deceitful, adding that it has no mechanism for economic recovery.

Vanguard reported that Tinubu, on Wednesday presented the ‘Budget of Renewed Hope’ before a joint session of the Senate and the House of Representatives.

In a statement signed by its National Publicity Secretary, Debo Ologunagba, the PDP urged the National Assembly to reject the appropriation bill and argued that if allowed to pass, it would plunge the country into economic depression.

The statement reads: “The PDP also describes the claim by President Tinubu that the budget is a Budget of Renewed Hope as conjured, unfounded and deceptive as the budget is completely devoid of concrete mechanisms to revive the economy, create jobs, address the comatose manufacturing and productive sectors, human capital development deficiencies and depleting life expectancy of Nigeria citizens.

“The 2024 budget is filled with heavily padded figures, duplicated items and several false statistics including claims of global increase in inflation rate as excuse for an impending excruciating increase in taxes and interest rate to the detriment of our productive sector.

“It is clear that the 2024 budget as proposed with its heavy provisions for luxury appetite of the Presidency and All Progressives Congress (APC) leaders which is predicated and expected to be funded from multilateral and bilateral foreign loans and increased taxes on Nigerians, is designed to further mortgage our nation and strangulate the already impoverished Nigerians.

“The budget framework with respect to Recurrent Expenditure Vote of N9.9 trillion, Capital Expenditure Vote of N8.7 trillion and N8.25 trillion for debt services is unsustainable and unrealizable in view of the stated outstanding debt and proposed borrowing which is targeted mainly to finance consumption, luxury appetite and debt servicing.

“The lack of concrete and verifiable action plans to revive the manufacturing, energy, agricultural and education sectors which are the main drivers of any economy is a pointer that the Tinubu-led APC government is bereft of ideas and completely disconnected from the reality of life being faced by Nigerians.

“It is of grave concern that the President in the budget speech stated that his government has “adopted a Naira to US Dollar exchange rate of N750 per US Dollar for 2024”.

“This is a clear admission of failure, incapacity and lack of direction by the APC administration to manage and grow the economy in such a way as to strengthen the national currency, productivity and competitiveness in the global market.

“It has further confirmed that the numerous promises by the President and officials of his government asserting a monetary policy to strengthen the Naira have been a deceptive ploy which is consistent with the APC in the past eight and half years.

“By adopting a defeatist N750 per US Dollar exchange rate, President Tinubu has further plunged our economy into the abyss, weakened our productive sector, wrecked the purchasing power of Nigerians and the capacity of the youths to be creative, recognizing that it will be almost impossible for Small and Medium Enterprises as well as Startups to access capital under such a suffocating budget.

“Every responsible leadership strives to work and defend its national currency. Unfortunately, the Tinubu-led government has surrendered our nation currency and pride to the whims and caprices of the so-called ‘market forces’.

“The PDP insists that with a transparent, honest and innovative management of resources and economic potentials of the nation; without inordinate pursuit of luxury consumption by a few individuals in leadership position, as being witnessed under the APC, the economy will witness a rapid turn-around and the Naira strengthened to its value of below N200 per US Dollar bequeathed by the PDP to the APC in 2015.

“This 2024 budget as presented by President Tinubu therefore represents hopelessness for Nigerians. It is pathetic that the President whose main duty is to provide for the security and welfare of Nigerians as provided for in Section 14 (2) (b) of the Constitution of the Federal Republic of Nigeria, 1999 (as amended) could present a budget that is not geared towards the attainment of that Constitutional duty imposed on him.

“The PDP calls on the National Assembly pursuant to its Constitutional duty under Section 80, 81 and 82 of the 1999 Constitution to reject the 2024 budget as presented and use its legislative powers to disassemble the budget and make provisions that are critical and pivotal to the growth of the economy and the welfare of Nigerians.”