Ex-CBN Governor Sanusi Advocates Against Presidents Appointing Themselves as Petroleum Ministers

Ex-CBN Governor Sanusi Advocates Against Presidents Appointing Themselves as Petroleum Ministers....KINDLY READ THE FULL STORY HERE▶

At the 2023 Bank Directors Summit in Abuja, former Governor of the Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi, expressed concerns about the practice of presidents, including President Bola Tinubu, appointing themselves as the Nigerian petroleum minister. Sanusi, known for his insightful perspectives, cautioned against this trend, emphasizing the potential negative impact on accountability and transparency within the Nigerian National Petroleum Company Limited (NNPCL).

Speaking at the summit themed ‘Emerging Issues: Navigating the complex balance between regulation and compliance,’ Sanusi emphasized the need to avoid the president doubling as the petroleum minister. He highlighted the challenges faced during previous administrations, where criticism of the petroleum sector was stifled due to the president’s dual role. Sanusi advocated for a separate ministerial appointment to ensure accountability and provide a necessary buffer for constructive dialogue and oversight.

During his speech, Sanusi drew attention to the historical context, stating, “When I was governor of the Central Bank, we had a petroleum minister. So when I talked about NNPC, I could attack Diezani. Now, nobody can talk about petroleum because eight years if you talk, you are attacking the president. We need that buffer. Somebody has to be there. So a minister has to be there, who is held accountable by Nigerians.”

Former President Muhammadu Buhari had assumed the role of Minister of Petroleum Resources during his tenure, and President Tinubu has followed suit. Sanusi acknowledged the appointment of ministers of state but underscored the importance of a separate, accountable minister.

Highlighting the need for transparency, Sanusi criticized the Nigerian National Petroleum Company Limited (NNPCL) as the most opaque oil company globally, calling for a comprehensive audit. He questioned the lack of clarity regarding the revenue generated from oil exports and emphasized the importance of addressing these issues for the stability of the exchange rate.

In conclusion, Sanusi reiterated the urgency of resolving the opacity surrounding NNPC and ensuring accountability in the petroleum sector, marking it as a top priority for the nation’s economic stability.

Source: Bushradiogist