"I think it is good for us to have a petroleum minister. All ministers report to the president but the president does not have to be the petroleum minister,”
Chief Olu Falae,
Former Minister Of Finance. pic.twitter.com/HYtFN5d81k— SeunOkin Channels tv (@seunokin) December 8, 2023
NAIJA NEWS
The former Secretary to the Government of the Federation (SGF) and Minister of Finance, Olu Falae, has emphasized the necessity of having a person with integrity as the Petroleum Minister in Nigeria, rather than the president of the nation.
In a recent interview on Channels Television’s program, Falae criticized the practice of sitting presidents also holding the position of Petroleum Minister.
He acknowledged the significance of petroleum in government finances, noting that no president has completely relinquished control over it. However, he advised President Bola Ahmed Tinubu to appoint a dedicated minister for the sector, allowing him to focus on governance.
“I believe that there ought to be a minister for every important subject in government including petroleum. But I know that petroleum is so important to the finances of government that no president has been able to take his hands off petroleum completely; not Babangida because he had minister of petroleum, not Obasanjo because he had Buhari as petroleum minister; no president has been able to take his hands off petroleum because it is so important but conceptually it is necessary and important to have a man of integrity called the minister to manage petroleum industry on behalf of the president and Nigeria so that he can be held accountable,” Falae said.
Naija News understands that Falae submitted in reaction to criticisms that greeted a comment by former Governor of the Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi, who declared that the President of Nigeria, Bola Tinubu, should not double as the Minister of Petroleum.
Recall that Sanusi made the submission on Thursday while speaking at The Bank Directors Summit held at the Congress Hall of the Transcorp Hilton in Abuja.
According to him, the advice is necessary in order to have someone who can be held accountable because if anything goes wrong in the petroleum sector, people would not want to speak against the President.
The former Emir of Kano also called for the audit of the Nigerian National Petroleum Company Limited (NNPCL), noting that this call was what cost him his job as the CBN Governor.
“Let me advise that the idea of the president being petroleum minister. The last president was the minister of petroleum for eight years.
“When I was governor of CBN, we had a petroleum minister. So when we talk about NNPC, I could attack Diezani now nobody can talk about petroleum because in 8 years if you talk, you are attacking the president,” Sanusi had said.
The former CBN governor’s comment, however, has generated mixed reactions among concerned citizens.
I Share The Same View With Sanusi
Falae said during the live interview that he is of the same view as Sanusi that the position of the Petroleum Minister is occupied by another citizen rather than the president.
“As the former Emir of Kano said, out of respect for the office of the president, people are reluctant to attack petroleum policies because they don’t want to be seen as attacking the president. But if it’s the minister of petroleum, then comments, suggestions and criticisms will be more robust and frequent. I think it’s good for us to have a petroleum minister. Of course, all ministers report to the president, but the president does not have to be a minister for petroleum. That’s my view, and I share that with Alhaji Sanusi,” Falae said.
Continuing the discussion on matters concerning the petroleum industry, the elder statesman highlighted the government’s inability to effectively manage the refineries.
Falae advised the government to undertake the task of repairing Nigeria’s refineries and subsequently selling them to capable entities.
According to him, the government should prioritize the repair and sale of the refineries to competent individuals or organizations. As crude oil is a valuable national resource, the former minister suggest it should be sold at a price that covers production costs along with a reasonable profit margin.
Falae believes that once the government successfully restored and reactivated our refineries, and entrusted their operation to capable hands, Nigeria’s challenges with fuel supply and pricing will be significantly alleviated.
