The Nigerian National Petroleum Company Limited (NNPCL) has been advised against the unilateral abandonment of it’s naira-for-crude deal because of its economic implications for the country. It was that that if the decision is pushed through, it could lead to skyrocketing petroleum prices yet again and thus inflict severe hardship on the Nigerian citizens. A pro-democracy organization, the Conference of Progressive Nigerians (CPN), stated this in a release on Wednesday, adding that it “strongly condemned the Nigerian National Petroleum Company Limited’s (NNPCL) decision to suspend the naira-for-crude oil swap deal with domestic refiners.” This move, the organization, warned would be a blatant attempt to sabotage the growth of local refineries. Speaking at a press conference in Abuja, the CPN 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 had increased since the inception of the deal. The organisation 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. He demanded that the Nigerian government initiate a full-scale probe into the activities of the NNPCL and hold those responsible for the suspension of the naira-for-crude deal accountable for their actions. 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 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.”
