Progressives warn against reversing Tinubu’s economic goals on local refineries

The Conference of Progressive Nigerians (CPN) has condemned the Nigerian National Petroleum Company Limited’s (NNPCL) decision to suspend the naira-for-crude oil swap deal with domestic refiners. This move, according to the CPN, is an attempt to undermine the economic goals of President Bola Ahmed Tinubu’s administration and sabotage the growth of local refineries. Speaking at […]

The Conference of Progressive Nigerians (CPN) has condemned the Nigerian National Petroleum Company Limited’s (NNPCL) decision to suspend the naira-for-crude oil swap deal with domestic refiners.

This move, according to the CPN, is an attempt to undermine the economic goals of President Bola Ahmed Tinubu’s administration and sabotage the growth of local refineries.

Speaking at a press conference in Abuja, convener Dr. Emmanuel Agabi described the NNPCL’s action as a “treacherous move” and an “unforgivable betrayal” of Nigeria’s economic sovereignty.

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.

The CPN warned that the suspension of the deal would have far-reaching consequences, including plunging Nigeria’s forex 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, they argued, would lead to skyrocketing petroleum prices and inflict severe hardship on Nigerian citizens.

The CPN emphasised that Nigeria’s local refineries are competent and capable of meeting domestic demands if given the necessary support.

“We therefore issue a stern warning to the leadership of the NNPCL: The days of impunity are over. The people of Nigeria are watching, and we will not hesitate to take all necessary actions to hold you accountable for your actions,” Agabi said.

“Therefore,  we urge you to retrace your steps and prioritize 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. “