Calls for Immediate Probe Into $6 Billion Debt Accrued by NNPCL
Urges President Tinubu to Appoint New Financial Experts
By Amadin Idahosa
The Bloggers and Vloggers Content Creators Association of Nigeria (BAVCCA) has expressed shock over Nigeria’s mounting debt, particularly with the Nigerian National Petroleum Company Limited (NNPCL) reportedly owing over $6 billion to global suppliers, despite the nation being a major crude oil producer.
In a press conference held in Abuja, BAVCCA voiced alarm at the continuous rise in fuel prices and the worsening economic situation across the country, attributing the current crisis to the failure of those responsible for managing Nigeria’s economy.
The association called for a transparent explanation of how Nigeria’s oil revenues have been managed, suggesting that the current state of affairs points to the misuse or misallocation of funds. BAVCCA insists that those responsible must be held accountable.
“While we commend President Bola Ahmed Tinubu for his genuine and consistent efforts to lead Nigeria to greatness, it is clear that his economic handlers are failing to support his vision. The inability to effectively manage the country’s resources and finances is crippling the economy and placing an unbearable burden on Nigerians,” the statement read.
BAVCCA emphasized the need for accountability, demanding a thorough investigation into those responsible for the reckless mismanagement of NNPCL’s finances, which has plunged the nation into debt.
“In addition, the policy of floating the Naira, which was expected to stabilize the currency and bring economic relief, has instead caused further depreciation of the Naira, leading to inflation and skyrocketing costs for essential goods and services. The growing disparity between the official exchange rate and the black market is a testament to the poor management of the economy by the President’s economic team,” BAVCCA stated.
The group urged President Tinubu to reconsider the composition of his economic management team, emphasizing the need for capable, forward-thinking professionals who can implement sound policies to stabilize the Naira, reduce inflation, and restore public confidence in the economy.
