President Bola Tinubu has made a bold statement, asserting that he has not taken any funds from the Nigerian National Petroleum Company Limited (NNPC Ltd.) in the last three months.
This declaration was made during his first presidential media chat aired on the networks of NTA and other TV and radio stations on Monday night monitored by Persecondnews.
Tinubu noted that his administration’s target is based on petroleum revenue earned in dollars, converted to naira.
The President highlighted his administration’s efforts to maintain financial control and fiscal discipline, abandoning the previous “Ways and Means” model.
He said, “I don’t spend in dollars. I only associate with it because of the global transaction. But for naira, it’s okay even if the target of this administration is based upon what we earn in dollars converted to naira. When you look at the petroleum revenue.
“Today I can tell you that in the last three months I have not taken a penny from NNPC before I met my other obligations. That is excellent; without falling back to the old order, without falling into ways and means, I have met all obligations.”
Addressing concerns on the country’s debt profile, the president demanded a “credit” for “managing” the country’s debt profile.
Tinubu said, “Nigeria is on the path of recovery,” but noted that “we cannot finish the job in one calendar year.”
“About borrowing, today from 98 percent of debt service, I brought it down to 68 percent—or thereabouts. Give credit,” he said.
“We are managing it. We have exited what used to be the problem of ways and means.
“More money is going down for development, and more revenue generated is being distributed. We have autonomy for local government.”
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