Olisa Agbakoba, a senior advocate of Nigeria, has called on President Bola Ahmed Tinubu to step down as Minister of Petroleum Resources and appoint a substantive minister. Agbakoba believes that having the president as the minister of petroleum is not in the interest of the country and that the oil and gas sector needs a complete overhaul. He emphasized that the sector needs a minister who can devote 100% attention to it, as it is critical to the country’s development. Additionally, Agbakoba proposed a shift in the nation’s oil and gas sector governance from “contract oil” to “development oil,” which would help Nigeria reinvest oil revenues into infrastructure development, education, healthcare, and research.
Agbakoba further emphasized that the current arrangement, where the President serves as the Minister of Petroleum Resources, creates a conflict of interest and undermines the principle of separation of powers. He argued that the President’s role as Minister of Petroleum Resources concentrates too much power in one person, making it difficult to hold anyone accountable for the sector’s performance.
The senior advocate also pointed out that the oil and gas sector is critical to Nigeria’s economy, accounting for over 80% of the country’s foreign exchange earnings. He stressed that the sector requires a dedicated minister who can focus on reforming the industry, addressing the issue of oil theft, and ensuring transparency in the management of oil revenues.
Agbakoba’s call for President Tinubu to step down as Minister of Petroleum Resources has been supported by some civil society organizations and opposition parties, who argue that it is essential to have a separate minister for the sector to ensure effective governance and accountability.
In response to Agbakoba’s statement, the Presidency has not yet made any official comment, but sources close to the government indicate that the President is considering appointing a substantive minister for the petroleum sector in the near future.
