Former Kaduna Central senator, Shehu Sani, has raised considerations over the circumstances surrounding the debt gathered by the Nigerian Nationwide Petroleum Firm Restricted (NNPC Ltd), regardless of latest approval by President Bola Tinubu to put in writing off the liabilities.
Reacting to the event, Sani questioned how a nationwide oil firm anticipated to generate income ended up owing $1.42 billion and ₦5.57 trillion over time, describing the scenario as troubling and deserving of public rationalization.
In a publish shared on his X on Tuesday, Sani acknowledged the gesture of debt forgiveness however insisted that accountability should not be ignored.
“Debt forgiveness is sweet; however how did the NNPCL amass a debt of $1.42 billion and ₦5.57 trillion over time when it’s purported to be making income?” he wrote.
Sani additional queried the method by which the liabilities have been gathered, asking, “How did the debt accrue and who have been people who dragged it to debt over time?”
Based on him, clearing the books with out transparency undermines public belief, including that “their sins shouldn’t simply be forgiven with out their confession or rationalization.”
Tinubu had permitted the write-off of the NNPC Ltd’s legacy money owed on December 29, 2025, following a reconciliation train by the Nigerian Upstream Petroleum Regulatory Fee and deliberations on the Federation Account Allocation Committee.
The choice cleared a lot of the firm’s excellent obligations recorded as much as December 31, 2024, a transfer the federal government described as essential to align {financial} information and tackle long-standing accounting discrepancies.
