From Idu Jude, Abuja
The Conference of Nigeria Political Parties (CNPP) has commended the new management team of the Nigerian National Petroleum Company Limited (NNPCL) for their proactive and commendable decision to restore the suspended naira-for-crude initiative for local refineries.
The CNPP, in a press statement signed by James Ezema, Deputy National Publicity Secretary on Thursday, said the initiative aligns with the presidential directive approved by the Federal Executive Council (FEC) and represents a bold and transformative step toward revitalizing Nigeria’s oil sector and ensuring the availability of refined petroleum products for domestic consumption.
CNPP, further stated that the naira-for-crude initiative is a groundbreaking policy designed to empower local refineries by providing them with direct access to crude oil in exchange for naira payments.
The statement further reads, “This approach not only reduces dependency on foreign exchange but also strengthens local refining capacity, creating jobs, boosting the economy, and ensuring energy security for the nation. By prioritizing local refineries, this initiative has the potential to lower the cost of petroleum products for Nigerians and enhance the overall stability of the oil sector.
“A lower pump price for Premium Motor Spirit (PMS), commonly known as petrol, will lead to a significant reduction in transportation costs for goods and services, ultimately lowering food prices and easing the financial burden on the masses”.
However, the CNPP strongly condemns the actions of the immediate past management of NNPCL, led by the sacked Engr. Mele Kyari, for allegedly sabotaging this critical presidential directive. Reports indicate that instead of implementing the directive of President Bola Ahmed Tinubu, the past leadership attempted to renegotiate the initiative, thereby undermining Nigeria’s economic interests. Such actions are unacceptable and constitute a betrayal of public trust.
“In light of these allegations, the CNPP calls for a thorough investigation into the tenure of the immediate past Group Chief Executive Officer (GCEO) of NNPCL. We demand the arrest and trial of all individuals involved in the attempt to renegotiate the naira-for-crude initiative, as their actions amount to economic sabotage and an attempt to derail the policy of the present administration”.
Furthermore, the CNPP urges the Federal Government to introduce additional measures to support local refineries. It said in addition to the naira-for-crude policy, the government should provide discounted prices on crude oil for all local refineries as an incentive for no less than two years.
It suggested that for refineries exporting refined products, a commensurate export levy can be imposed on all locally refined petroleum products for export during the period of these incentives as Nigeria cannot afford to subsidize products for foreign countries.