Chief Olu Falae: Nigeria's president doesn't need to be minister of petroleum

Chief Olu Falae

Chief Olu Falae, an elder statesman and former Minister of Finance, has emphasized the importance of appointing a minister to oversee the Ministry of Petroleum in Nigeria. 

He argues that the president does not necessarily need to hold the position of the Minister of Petroleum, as it is crucial to have a dedicated minister to manage the ministry effectively.

His position is in support of former central bank governor, Sanusi Lamido Sanusi, who earlier said that the president should not be minister of petroleum, believing that appointing a minister of petroleum will make it possible to have someone to be held responsible when things don’t go right.

Ex-President Muhammadu Buhari held the position during his time with incumbent Bola Tinubu towing the same line. But the elder statesman argued that the petroleum ministry ought to have a minister in charge and not the president.

“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,” he said on Thursday’s edition of Channels Television’s Politics Today. 

“Not Babangida because we had Minister for Petroleum, not Obasanjo because we 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 a minister to manage the petroleum industry in my view on behalf of the president and Nigeria so that he can be held accountable.

“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,” Falae said.

The former presidential candidate also suggested that the Federal Government repair and sell Nigeria’s crude oil refineries to private individuals who can run them better.
~Channels tv
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