The CPN has criticized NNPCL’s decision to suspend the naira-for-crude deal, warning it could harm Nigeria’s economy and increase prices for citizens. Dr. Emmanuel Agabi labeled this action a betrayal of economic sovereignty, stressing the need for accountability. The organization advocates for support of local refineries and urges the reinstatement of the deal to safeguard Nigeria’s economic stability.
The Conference of Progressive Nigerians (CPN) has expressed strong disapproval of the Nigerian National Petroleum Company Limited’s (NNPCL) recent decision to suspend the naira-for-crude deal. During a press conference in Abuja, CPN convener, Dr. Emmanuel Agabi, characterized this action as a significant betrayal that threatens Nigeria’s economic sovereignty and could lead to increased petroleum prices, thereby causing hardship for citizens.
Dr. Agabi raised concerns regarding the implications of the suspension, noting that Nigeria’s crude output had reportedly increased since the deal was implemented. He warned that halting the naira-for-crude arrangement could destabilize the country’s foreign exchange reserves and worsen the naira’s precarious status, as local refiners might be forced to source crude oil in U.S. dollars from international suppliers.
In light of these developments, the CPN is calling for a thorough investigation into the NNPCL’s motives and demands accountability for this decision. They emphasized the potential of Nigeria’s local refineries to meet domestic needs effectively if granted the requisite support. Agabi urged the NNPCL to prioritize national interest above personal gains and suggested that the public will not tolerate continued impunity.
The CPN reiterated the necessity for accountability, transparency, and the reinstatement of the naira-for-crude deal. Agabi declared that the leadership of the NNPCL must understand their responsibilities towards the nation, stating that it operates as a national institution, not as a private entity.
In conclusion, the CPN’s condemnation of the NNPCL’s suspension of the naira-for-crude deal reflects significant concerns regarding the implications for Nigeria’s economy and citizens. The potential impact on petroleum prices, forex reserves, and local refineries underscores the urgency of accountability within the NNPCL. The call for transparency and reinstatement of the deal highlights the critical need for policies that serve national interests over private motivations.
Original Source: saharareporters.com
