The Conference of Progressive Nigerians (CPN) has strongly criticized the Nigerian National Petroleum Company Limited (NNPCL) over its decision to suspend the naira-for-crude oil swap deal with domestic refiners.
speaking in Abuja, the group’s convener, Dr. Emmanuel Agabi, described the move as a “treacherous act” and an “unforgivable betrayal” of Nigeria’s economic sovereignty. He accused the NNPCL of attempting to derail President Bola Ahmed Tinubu’s economic agenda and undermine local refinery operations.
Agabi questioned the rationale behind the decision, especially in light of reports indicating an increase in Nigeria’s crude oil production since the deal’s inception. He further challenged the NNPCL to clarify who stands to benefit from the forward contracts that allegedly justified the suspension.
The CPN warned that the policy shift could have severe economic repercussions, including a further depletion of Nigeria’s foreign exchange reserves, increased pressure on the naira, and a reliance on dollar-denominated crude purchases by local refineries. The group argued that this would inevitably lead to higher petroleum prices and intensified economic hardship for Nigerians.
Accusing the NNPCL of prioritizing corporate interests over national welfare, the CPN alleged that the company was working in collusion with external forces to destabilize the country’s oil and gas sector.
In response, the group called for a full-scale government probe into the NNPCL’s activities and demanded that those responsible for the suspension be held accountable. It emphasized that Nigerian refineries have the capacity to meet domestic fuel demand if given adequate support.
“The days of impunity are over. The Nigerian people are watching, and we will take all necessary actions to hold the NNPCL accountable,” Agabi warned.
He urged the Federal Government to reverse the suspension, investigate allegations of corruption within the NNPCL, and ensure that the company serves the national interest rather than acting as a private entity.
“We demand transparency, we demand justice, and we demand the immediate reinstatement of the naira-for-crude deal,” Agabi declared. “Our refineries must thrive, our economy must prosper, and Nigeria must achieve the greatness it deserves.”