The African Democratic Congress (ADC) has raised serious allegations against President Bola Ahmed Tinubu, accusing him of unlawfully authorising the cancellation of long-standing debts owed by the Nigerian National Petroleum Company Limited (NNPC Ltd) to the Federation Account. According to the party, this decision allegedly violates constitutional provisions and has negatively affected the revenue entitlements of states and local government councils across Nigeria. The opposition party expressed its concerns through a statement issued by its National Publicity Secretary, Mallam Bolaji Abdullahi. In the statement, the ADC criticised what it described as a unilateral executive decision taken without the approval of the National Assembly. The party also faulted the silence of the federal legislature, describing it as troubling in the face of what it views as a significant constitutional infraction. The ADC disclosed that documents submitted to the Federation Account Allocation Committee (FAAC) indicate that President Tinubu approved the removal of approximately $1.42 billion and ₦5.57 trillion in what were described as legacy debts owed by NNPC Ltd. This approval reportedly followed a reconciliation exercise involving relevant regulators in the petroleum sector. According to the party, the debts in question relate to financial obligations accumulated up to 31 December 2024. These liabilities reportedly include outstanding payments connected to production sharing contracts, domestic crude supply commitments, unpaid royalty receivables, and other historical balances attributed to the national oil company. Mallam Bolaji Abdullahi stated that the ADC is deeply disturbed by the action, noting that such debts are public funds that constitutionally belong to the Federation Account and, by extension, to all tiers of government. The party warned that writing off such substantial sums without due process undermines transparency and fiscal accountability. The ADC further claimed that a significant portion of the cancelled obligations was removed solely through executive directive. According to the statement, about 96 per cent of the dollar-denominated debts and 88 per cent of the naira-denominated liabilities were allegedly written off without legislative scrutiny or parliamentary endorsement. The party strongly rejected the explanation that the debt cancellation resulted from a reconciliation exercise. It argued that while reconciliation may clarify figures, it cannot replace or override constitutional requirements governing public revenue, expenditure, and debt management. The ADC maintained that any action affecting the Federation Account must follow due constitutional process, including approval by the National Assembly. It warned that bypassing such procedures sets a dangerous precedent and could weaken trust in public financial management. In its conclusion, the party reiterated that reconciliation exercises, regardless of their intent, do not confer legal authority to cancel public debts without legislative approval. The ADC insisted that the alleged write-off represents a serious constitutional issue that deserves urgent attention and accountability. Contact Information ? Email: [email protected] Stay Updated Stay informed and ahead of the curve.Follow LMSINT MEDIA on WhatsApp to receive real-time updates, breaking news, and exclusive content. Never miss an important headline—join today.
