APC Youths Raise The Alarm Over $6.8bn Debt In Oil Company

The APC Youth Solidarity Network has condemned the Nigerian National Petroleum Company Limited (NNPC Ltd) ‘s admission of owing $6.8 billion in debt.

Speaking at a press conference in Abuja, Olalekan Isaac said the huge debt was the result of leadership failure.

Isaac also expressed dismay over the NNPC’s initial denial that it owed no debt, only to later admit to the staggering amount.

He said that on August 18th, after a report that interrogated NNPCL’s finances revealed that the company didn’t make any profit, NNPCL came out to disown the report.

“Only less than 14 days after that grandstanding, the company has come out to accept the report that it was owing,” he said.

The APC youths questioned Mele Kyari’s leadership and governance style, citing a lack of transparency, accountability, and fiscal prudence.

RELATED

NERC Chairman-designate Ramat Resumes Without Senate Confirmation

4 hours ago

Gunmen Abduct 9 Passengers In Kogi

5 hours ago

“We, the APC Youth Solidarity Network, resolutely maintain that the time has arrived for Mr. Mele Kyari to assume full responsibility for this leadership failure. He must relinquish his position, thereby sparing our nation further international embarrassment and ridicule,” he said.

“It means the entire hogwash that the company is doing under Kyari is a big lie and should be condemned by all citizens.

“Regrettably, Nigeria, Africa’s largest oil exporter, finds itself in the incongruous position of importing virtually all its fuel requirements. This anomaly directly results from years of systemic neglect and mismanagement of our state-owned oil refineries. Furthermore, the selfish interests and lack of visionary leadership within our oil and gas sector have hindered the optimal utilisation of the newly commissioned 650,000 barrel-per-day Dangote refinery. Instead of producing marketable petrol for domestic consumption, this facility is compelled to export other fuels abroad, exacerbating our nation’s energy woes.

“This critical moment calls for transformative change, heralding a new era of transparency, accountability, and visionary leadership. We fervently implore Mr. Mele Kyari to relinquish his position, paving the way for fresh leadership that embodies the sacred values of openness, integrity, and responsibility that our citizens rightfully deserve.”