Nigerians in Diaspora seek restructuring of NNPCL’s debt

The Nigerian Professionals in Diaspora (NPID) has called for the restructuring of the Nigerian National Petroleum Company Limited (NNPCL) debt profile in order for the oil giant to meet its obligations and ensure a steady fuel supply at reasonable prices. The group noted that it was imperative to restore confidence in Nigeria’s ability to honour […]

The Nigerian Professionals in Diaspora (NPID) has called for the restructuring of the Nigerian National Petroleum Company Limited (NNPCL) debt profile in order for the oil giant to meet its obligations and ensure a steady fuel supply at reasonable prices.

The group noted that it was imperative to restore confidence in Nigeria’s ability to honour its international commitments by paying its debts.

President of NPID, Dr Obiora Okereke and Secretary, Mrs Bukola Shonekan, said this in a statement on Friday.

The NNPCL this week confirmed that it was owing $6 billion to suppliers which has resulted in fuel queues nationwide.

“It is imperative to restore confidence in Nigeria’s ability to honor its international commitments. NNPCL’s debts must be restructured, and a clear plan put in place to ensure continuous petrol supply at reasonable prices,” the group said.

The group stated that international suppliers are no longer willing to provide petrol on credit to NNPCL because of the outstanding debts of the oil company.

According to the group, the debt by the NNPCL has disrupted fuel supply chains and led to the recent hike in fuel prices, adding that it has further compounded the difficulties faced by ordinary Nigerians.

It commended President Bola Tinubu for his commitment to steering the country towards prosperity but criticised his economic managers for failing to effectively support his vision.

The group emphasised the detrimental impact of the current economic strategy, specifically pointing to the poorly implemented floating of the Naira as a major factor in the currency’s continued depreciation.

“Instead of stabilising the Naira and attracting foreign investment, this policy has further weakened the currency, driving up the cost of goods and services and creating unbearable inflation for the Nigerian people,” the statement said.

“We believe that President Tinubu’s vision for Nigeria is clear, but the implementation of his economic policies by his advisers and managers is lacking in strategic foresight and execution.

“The economic handlers of this administration must take responsibility for the current challenges and urgently recalibrate their approach to avoid further worsening the economic landscape.

“The President’s economic handlers must be held accountable for the negative outcomes of their policies. A more competent, transparent, and strategic economic management team is needed to guide Nigeria out of this economic quagmire.

“NPID reaffirms its support for President Tinubu and his administration’s efforts to rebuild Nigeria. However, we urge immediate corrective measures to ensure that the President’s vision is not derailed by the ineffective actions of those entrusted with managing the economy. Nigeria has the potential to rise again, but it requires sound economic policies and a team capable of delivering results for the Nigerian people.”