The CPN has condemned the NNPCL’s decision to suspend the naira-for-crude deal, describing it as harmful to Nigeria’s economic stability and sovereignty. Dr. Emmanuel Agabi warned of potential increases in petroleum prices and urged the government to investigate the NNPCL’s actions, reinforcing that local refineries can meet domestic needs if appropriately supported. The organization demands transparency, accountability, and reinstatement of the deal.
At a press conference in Abuja, Dr. Emmanuel Agabi, convener of the Conference of Progressive Nigerians (CPN), strongly criticized the Nigerian National Petroleum Company Limited (NNPCL) for its decision to suspend the naira-for-crude oil deal. He labelled this action as a “treacherous move” and an “unforgivable betrayal” of Nigeria’s economic sovereignty, emphasizing that it poses serious risks to citizens’ livelihoods.
The CPN cautioned that abandoning the naira-for-crude agreement could result in soaring petroleum prices, thereby exacerbating the financial burdens on Nigerian citizens. Moreover, the organization condemned the suspension of the deal, arguing that it would undermine the growth of local refining capacities.
Dr. Agabi questioned the motivations behind this suspension and noted the increase in Nigeria’s crude output since the deal’s inception. He warned of the potential detrimental effects, including significant setbacks to Nigeria’s foreign exchange reserves and intensified pressure on the naira, as local refineries may have to resort to purchasing crude oil in dollars from international markets.
The CPN has called for a comprehensive investigation by the Nigerian government into the NNPCL’s actions, demanding accountability from those responsible for the deal’s suspension. The organization expressed confidence in the ability of local refineries to meet domestic demands if provided with adequate support.
In closing, Dr. Agabi issued a stern warning to the NNPCL leadership, stating, “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 urged the NNPCL to prioritize national interests over personal gain, asserting that failure to do so would result in severe repercussions. He reiterated the need for transparency and justice, advocating for the immediate reinstatement of the naira-for-crude deal to ensure the prosperity of local refineries and the Nigerian economy.
The Conference of Progressive Nigerians has emphatically warned the NNPCL against suspending the naira-for-crude deal, citing potential economic repercussions that could impose further difficulties on the Nigerian populace. They emphasize the necessity for accountability, transparency, and prioritizing national interests over private gains. The call for the immediate reinstatement of the deal aims to protect local refineries and bolster Nigeria’s economic sovereignty.
Original Source: saharareporters.com
