Mr. Reno Omokri, a former presidential aide, has stated that it is incorrect to hold President Bola Tinubu accountable for the business decisions of the Nigerian National Petroleum Company Limited (NNPCL).
He emphasized that while the federal government owns the national oil company, its board of directors is responsible for its management and should be held accountable for all decisions made to ensure the company’s profitability.
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“It betrays a lack of understanding of corporate governance and ignorance of how government operates when politicians and activists attack President Bola Tinubu over the NNPCL’s statements and actions,” Omokri, who was former President Goodluck Jonathan’s special assistant on New Media, said in a statement yesterday.
President Tinubu has faced criticism over the recent increase in petrol prices by the NNPCL, which rose from N580/N617 to N850/N893 per litre. This surge has sparked widespread public outrage.
Many social commentators and policy analysts have blamed the president, arguing that since the NNPCL is wholly owned by the federal government, it cannot adjust its product prices without presidential approval.
However, Reno Omokri argues that the company, which made the decision for its own business reasons, should be held accountable for the hike.
“The NNPCL, though state-owned, is a limited liability company that is not subject to the Appropriation Act or the Fiscal Responsibility Act in the way ministries, departments, and agencies are,” he said.
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