Sanusi Asks NNPC To Account For Dollar Inflows

• Sanusi Lamido Sanusi presses NNPC to account for dollars, warns against compromising CBN’s independence, emphasizing the need for transparency
• President Tinubu reaffirms commitment to resolving forex backlogs, stresses collaboration for financial access, integrity, and transparency in banking

Former Central Bank of Nigeria (CBN) governor, Sanusi Lamido Sanusi, once again pressed the Nigerian National Petroleum Corporation (NNPC) to account for the inflow of dollars from its operations.

At the opening of the 2023 Bank Directors’ Summit organized by the Bank Directors Association of Nigeria (BDAN), Sanusi emphasized, “Where are the dollars? Ask NNPC.”

President Bola Tinubu, addressing the summit, reaffirmed his administration’s commitment to resolving foreign exchange backlogs and injecting additional funds into the market.

Sanusi, in his remarks, warned against compromising the independence of the CBN, highlighting the potential dangers to the economy. He praised the CBN Act as one of the world’s best laws, emphasizing that the solution lies in implementing the existing law, not changing it.

Addressing the ongoing forex liquidity challenge, Sanusi raised questions about NNPC’s earnings. This topic had previously led to his removal during Goodluck Jonathan’s administration when he sought accountability for $20 billion.

Sanusi pledged to persist in demanding answers until NNPC undergoes proper reform or “till I die.” He attributed current fiscal challenges to government agencies’ lack of transparent accountability, pointing to the CBN’s overdrafts to the federal government as contributing to high inflation and FX issues.

Describing NNPC as one of the most opaque institutions globally, Sanusi stressed the importance of following the money for FX stability, as he advocated in 2014. He criticized the focus on the CBN, highlighting the absence of demands for answers regarding N11 trillion subsidy payments without accountability.

Sanusi recommended that the CBN consult the banking industry when formulating policies, urging regulations to end without consultation. He also suggested regular meetings with bank directors and reconsideration of the sustainability of the AMCON levy.

President Tinubu, represented by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, emphasized the critical nature of funding liquidity in the FX market as a short-term solution for the economy. Tinubu called for collaboration between regulators and the industry to drive financial access through innovations, emphasizing the importance of integrity and transparency in banking culture and technology systems.