From Okwe Obi, Abuja
The Conference of Progressive Nigerians (CPN) has appealed to President Bola Tinubu to intervene in the suspension of the naira-for-crude oil swap deal with domestic refineries by the Nigerian National Petroleum Corporation Limited (NNPCL).
This move, according to the CPN, would undermine the economic goals of President Tinubu’s administration and sabotage the growth of local refineries.
The CPN Convener, Dr Emmanuel Agabi, at a press briefing yesterday in Abuja, said the NNPCL should reconsider its decision.
Agabi questioned the timing and implications of the decision, citing reports that Nigeria’s crude output has increased since the inception of the deal.
He also demanded to know who benefits from the forward contracts that the NNPCL claims justify the suspension of the naira-for-crude deal.
He warned that the suspension of the deal would have far-reaching consequences, including plunging Nigeria’s foreign exchange reserves into further distress, exacerbating the precarious state of the naira, and forcing local refineries to purchase crude oil from international suppliers in dollars.
This, he argued, would lead to skyrocketing petroleum prices and inflict severe hardship on Nigerian citizens.
‘We therefore issue a stern warning to the leadership of the NNPCL. The people of Nigeria are watching, and we will not hesitate to take all necessary actions to hold you accountable for your actions.
‘Therefore, we urge you to retrace your steps and prioritise the interests of the nation over your selfish gains. Failure to do so will undoubtedly lead to dire consequences.
‘Finally, the NNPCL must understand that it is a national institution, not a private cartel. Its duty is to serve Nigeria, not to sabotage it. The time for accountability is now!
‘We demand transparency, we demand justice, and we demand the immediate reinstatement of the naira-for-crude deal. Together, we can ensure that our local refineries thrive, our economy prospers, and our nation achieves the greatness it deserves,’ he added.