Following a revelation by the governor of the Central Bank of Nigeria, Godwin Emefiele, a large number of Nigerians have called for President Muhammadu Buhari’s resignation as the country’s peteroleum minister.
Emefiele, who stated over the weekend that the official foreign exchange receipt from crude oil sales into Nigeria’s official reserves has decreased from more than $3 billion monthly in 2014 to zero dollars today, revealed that NNPC now remits zero dollars to the CBN.
He made this revelation at the 57th annual bankers’ lecture sponsored by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos on Saturday.
According to him, there was a significant loss in foreign reserves due to the naira’s struggle and the rise in demand for forex which put pressure on the country’s reserves and suppressing the value of the naira.
“The official foreign exchange receipt from crude oil sales into our official reserves has dried up steadily from above $3.0 billion monthly in 2014 to an absolute zero dollar today,” said the CBN governor.
The apex bank governor lamented that “increasing instances of crude oil theft have hurt” Nigeria’s ability to export enough crude oil and “consequently, its foreign exchange reserves are falling.”
On social media, Nigerians pointed fingers of blame at President Buhari who doubles as the country’s petroleum minister.
@Runu Aduala wrote on Twitter saying: “Who is the minister of petroleum? Where is the National Assembly? How did more than 3 billion dollars from crude oil sales monthly from 2014 become zero (0) dollars in 2022? Don’t we deserve some explanations?”
@Masurge7: “Alison Diezani was corrupt as minister of petroleum but remitted $3billion monthly to our reserves. Muhammadu Buhari is “not corrupt” as minister of petroleum but remits $0billion to our reserves monthly. Pls who is more Corrupt between Diezani and Buhari?”
@Advocate: “Buhari is still the Minister of Petroleum. Even ending fuel scarcity,he couldn’t. What campaign promises have PMB really fulfiled? APC is truly cancerous. Anything they touch, gets worse. Reject APC even in your dreams.”
@ThomasNot: “In a sane society, the minister of petroleum, minister of state for petroleum, NNPC GMD will resign, probed n prosecuted if found culpable. The president will be busy addressing Nigerians on what went wrong n how it could be fixed. But no Naija media carried this news. Pathetic.”
@Kawu: “Nigeria receives $3bn from crude oil sales before APC comes to power, but now CBN says it receives absolute zero from NNPC. Nigerians deserve to hear more explanation from Buhari who is the minister of petroleum. Who are those stealing these billion of dollars?”
@Zeus: “APC is what it is, a hasty congregation of aggrieved individuals of the establishment seeking to upturn a government that had gradually implemented systems to checkmate the corruption & bleeding. They had one goal: get Johnathan out at all cost and nothing more!”