The Peoples Democratic Party (PDP) Governors' Forum has attacked the Central Bank of Nigeria (CBN), the Nigerian National Petroleum Corporation (NNPC), and other government institutions for how they handle the country's resources.
The CBN has been chastised for behaving like a separate government under President Muhammadu Buhari's administration, despite its autonomy.
“A situation where CBN creates money decides how much of it to spend, on what to spend it on without any form of controls or supervision is patently subversive of our constitutional order".
“CBN has become such an octopus that it threatens State governments publicly, without decorum, about sanctions on any attempt to question its MODUS OPERANDI,” the governors declared in a communiqué published at the end of their meeting.
The state governors also recommended that the apex bank take quick action to stop the Naira's devaluation.
They claim that the NNPC's unlawful action is limiting the amount of money available to state and local governments, limiting their potential to generate jobs.
The forum, led by Sokoto State Governor Aminu Tambuwal, stated that the Corporation has no authority to decide how much to spend, how to spend it, or “how much to remit to the Federation Account” in violation of the law and spirit of the 1999 Constitution.
Other agencies that are statutorily required to make contributions to the Federation Account, such as the Nigerian Ports Authority (NPA), the Nigerian Maritime Administration and Safety Agency (NIMASA), the Nigerian Communication Commission (NCC), the Federal Inland Revenue Service, Customs and Excise, and others, were told to do more.