The ADC said on Saturday that President Tinubu approved the removal of legacy debts running into about $1.42 billion and ₦5.57 trillion, debts linked to NNPC Ltd and accumulated up to December 31, 2024. The party explained that the decision affects funds meant to be shared by the federal, state, and local governments across Nigeria.
According to the party, the cleared obligations include debts from production sharing contracts, domestic crude supply arrangements, royalty payments, and other outstanding balances tied to the oil company’s past operations. It stated that a large portion of both dollar and naira-denominated debts was removed from public records through an executive decision.
The ADC argued that the action was taken without approval from the National Assembly and outside the powers granted to the President by the Constitution. It said the Federation Account is protected by law and cannot be altered by the President alone, especially when such a move reduces revenue meant for states and local councils.
The party also raised concerns about the role of the National Assembly, saying lawmakers failed to act to stop what it described as a breach of constitutional provisions. It warned that allowing such actions weakens the rule of law and could have serious political consequences.
ADC called on relevant authorities to act in line with the Constitution and ensure that funds belonging to all levels of government are protected. The party maintained that governance in Nigeria must follow the law and not depend on personal decisions by those in power.
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