Atiku’s aide: NNPCL’s $3bn oil-for-cash loan to stabilise naira is a ruse

Phrank Shaibu, an aide to former Vice-President Atiku Abubakar, says the $3 billion oil-for-cash loan obtained by the Nigerian National Petroleum Company Limited (NNPCL) is a ruse.

NNPCL secured the crude-for-cash funding from the African Export-Import Bank (Afreximbank) to support the naira and stabilise the country’s foreign exchange market.

In a statement on Wednesday, Shaibu wondered why the oil corporation would take the decision when it has now become a private company, in line with the petroleum industry act (PIA).

The aide said NNPCL’s plan to force the appreciation of the naira would only adversely affect the “credibility” of the federal government.

“For many years, Tinubu claimed that he built the economy of Lagos from scratch,” he said.

“Now, Tinubu’s administration claims to have done the same thing by forcing the NNPCL to take a loan of $3bn to defend the naira.

“We, however, have it on good authority that this is all a ruse to force the naira to appreciate at the parallel market, an action that will further affect the government’s credibility.”

Shaibu said citizens should not be deceived.

“He (Tinubu) claims to have deregulated the petroleum sector, and yet NNPCL is still the one determining the price of petrol,” he said.

“He has pegged the price of petrol and yet claims that there is no subsidy. Nigerians must not allow themselves to be deceived by this man.”