Expert Advises Nigerian Petroleum Company (nnpcl) Against Suspending Naira-for-crude Deal To Avoid Further Hardship For Citizens
At a press conference in Abuja, the CPN convener, Dr. Emmanuel Agabi, called the NNPCL's action a "treacherous move" and an "unforgivable betrayal" of Nigeria's economic sovereignty.
The Nigerian National Petroleum Company Limited (NNPCL) has been urged not to discontinue the naira-for-crude deal, as doing so could result in soaring petroleum prices and cause significant hardship for Nigerian citizens.
In a statement released on Wednesday, the pro-democracy organization Conference of Progressive Nigerians (CPN) strongly condemned NNPCL's decision to suspend the naira-for-crude oil swap agreement with domestic refiners.
The organization warned that this move would be a clear attempt to undermine the development of local refineries. At a press conference in Abuja, CPN convener Dr. Emmanuel Agabi referred to the NNPCL's action as a "treacherous move" and an "unforgivable betrayal" of Nigeria's economic sovereignty.
Agabi also raised concerns about the timing and potential consequences of the decision, pointing to reports indicating that Nigeria’s crude production had increased since the deal was implemented.
The organization warned that suspending the deal would have significant consequences, including further distress on Nigeria's forex reserves, worsening the fragile state of the naira, and forcing local refineries to buy crude oil in dollars from international suppliers.
The CPN called on the Nigerian government to launch a thorough investigation into the NNPCL’s activities and hold accountable those responsible for the suspension of the naira-for-crude deal. The group stressed that Nigeria's local refineries are fully capable of meeting domestic demand if provided with the necessary support. "We issue a firm warning to the leadership of the NNPCL. The era of impunity is over. The people of Nigeria are watching, and we will not hesitate to take all necessary actions to hold you accountable," Agabi stated. "We urge you to reconsider your decision and put the nation's interests before your own selfish motives. Failure to do so will certainly result in serious consequences."
"Finally, the NNPCL must recognize that it is a national institution, not a private cartel. Its responsibility is to serve Nigeria, not undermine it. The time for accountability is now."
"We demand transparency, justice, and the immediate reinstatement of the naira-for-crude deal. Together, we can ensure that our local refineries thrive, our economy flourishes, and our nation reaches its full potential."