The Conference of Progressive Nigerians (CPN) has raised serious concerns over the suspension of the naira-for-crude oil swap deal with domestic refiners.
The group warns that this decision could undermine Nigeria’s economic stability, jeopardize local refineries, and worsen the already fragile state of the nation’s foreign exchange reserves and the naira.
At a press conference in Abuja, Dr. Emmanuel Agabi, the convener of the CPN, discussed the implications of the suspension. He argued that the move directly contradicts the economic objectives of President Bola Ahmed Tinubu’s administration and threatens the growth of Nigeria’s domestic refineries.
Agabi pointed out that the timing of the suspension is particularly troubling, especially given reports of increased crude output since the deal’s initiation.
The CPN emphasized that the suspension could compel local refineries to buy crude oil from international suppliers using dollars, which would lead to rising petroleum prices and further economic hardship for Nigerians.
The group also raised concerns about the beneficiaries of the forward contracts cited by the Nigerian National Petroleum Company Limited (NNPCL) as justification for the suspension, urging transparency and accountability in the decision-making process.
Additionally, the CPN accused the NNPCL of putting its interests ahead of national welfare and called for a full investigation into the matter. The group stressed that Nigeria’s local refineries are capable of meeting domestic demand if given the proper support.
The CPN demanded the immediate reinstatement of the naira-for-crude deal, emphasizing that national institutions must serve the collective good, not private interests. The group warned that failure to address these issues could lead to dire consequences for the economy and the citizens.
Agabi stated, “We issue a warning that 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.”
He added, “We urge stakeholders to reconsider their actions and prioritize the nation’s interests. Failure to do so will undoubtedly result in severe consequences.”
The CPN concluded by reminding the NNPCL that it is a national institution, not a private entity, and its duty is to serve Nigeria, not sabotage it.
The group called for immediate accountability, transparency, and the reinstatement of the naira-for-crude deal. “Together, we can ensure our local refineries thrive, our economy prospers, and our nation achieves the greatness it deserves,” Agabi said.
