CPN Urges NNPCL to Maintain Naira-for-Crude Deal to Protect Citizens

The CPN warns the NNPCL against suspending the naira-for-crude deal, highlighting potential adverse effects on citizens and the economy. Dr. Emmanuel Agabi condemns the decision and calls for accountability, emphasizing the capacity of local refineries to meet demands if properly supported. The organization demands transparency and reinstatement of the deal to protect Nigeria’s interests.

The Conference of Progressive Nigerians (CPN) has urged the Nigerian National Petroleum Company Limited (NNPCL) to maintain the naira-for-crude deal, warning that its suspension may lead to exorbitant petroleum prices, thereby severely affecting citizens. During a press conference in Abuja, CPN convener Dr. Emmanuel Agabi criticized the decision as a harmful betrayal of Nigeria’s economic interests and sovereignty. The CPN condemned the suspension, highlighting its potential to hinder the growth of local refining operations.

Dr. Agabi pointed out that the timing of the decision raises concerns, especially given that Nigeria’s crude output has reportedly risen since implementing the deal. The suspension, he cautioned, could have critical implications, including undermining Nigeria’s foreign exchange reserves, worsening the naira’s volatility, and compelling local refineries to source crude oil from international markets, thereby necessitating dollar transactions.

In light of these concerns, Dr. Agabi called for an in-depth investigation into NNPCL’s actions and accountability for those involved in the suspension. The CPN reiterated its belief in the potential of Nigeria’s local refineries to satisfy domestic needs if adequately supported. Agabi declared that the public is attentive to NNPCL’s conduct, emphasizing that the era of unchecked impunity has ended.

He urged NNPCL leadership to refocus on national interests rather than private benefits, warning that failure to do so could result in severe repercussions. “NNPCL must recognize its role as a national institution, responsible for serving Nigeria rather than undermining it,” he asserted. Agabi stressed demands for transparency, justice, and the immediate reinstatement of the naira-for-crude deal, advocating for the flourishing of local refineries, economic stability, and national advancement.

In summary, the CPN cautions the NNPCL against suspending the naira-for-crude deal, citing potential repercussions for citizens and the economy. Dr. Agabi’s statements reflect a demand for governmental accountability and support for local refineries. The CPN advocates for prioritizing national interests over personal gains, calling for immediate corrective actions to ensure Nigeria’s economic well-being and sovereignty.

Original Source: saharareporters.com