Tinubu lacks power to write off NNPC debt, it’s impeachable offence — ADC

The African Democratic Congress (ADC) has faulted PresidentBola Tinubu for unilaterally writing off the debt of the Nigerian NationalPetroleum Company (NNPC) Limited. Tinubu had approved the cancellation of about $1.42 billionand N5.57 trillion outstanding obligations owed by the NNPCL to the Federation Account Allocation Committee (FAAC) following a reconciliation of recordsbetween both parties. In a statement issued on Saturday, Bolaji Abdullahi, ADCspokesperson, said Tinubu lacks the unilateral power to cancel the NNPCL debtwithout liasing with states and securing approval from the national assembly. “This write off was done without legislative orparliamentary approval or clear constitutional authority,” the statement reads. “This purported justification of ‘reconciliation’ cannotlawfully override the constitutional requirements for revenue sharing. “The action effectively removes longstanding liabilitiesfrom public accounts, but at the cost of reducing the revenue baseconstitutionally distributable to states and local governments.” “It is important to emphasise that executive action cannotoverride the constitution.” The ADC spokesperson said under section 162 of the 1999constitution, all revenues due to the federation, including oil sector receiptsand related obligations, must be paid into the federation account and sharedamong the federal, state, and local governments. “The federation account is not subject to executivediscretion; no president, including this one, has the unilateral authority tocancel constitutionally due revenues, and any cancellation that reduces revenuedue to the states and local governments without legislative authority isunconstitutional,” he said. Abdullahi accused the president of repeatedly violating theconstitution. “Even more worrying, however, is what appears to be activecollusion or wilful surrender by the national assembly,” he said. The opposition party spokesperson said the president’saction is an “egregious assault” on the constitution, which should be“sufficient grounds to commence impeachment proceedings” against him. Abdullahi said as a nation with laws, no president canoverride what the constitution protects, adding that the federation accountbelongs to all tiers of government, and cannot be subject to the discretion ofthe federal executive.

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