CPN Urges NNPCL to Reinstate Naira-for-Crude Deal to Avoid Economic Hardships

Dr. Emmanuel Agabi of the Conference of Progressive Nigerians warns the Nigerian National Petroleum Company Limited (NNPCL) against suspending the naira-for-crude deal, labeling it a perilous action that could harm citizens economically. He urges a government investigation into NNPCL’s decision, condemning it as detrimental to local refinery growth and Nigeria’s economic sovereignty.

In a press conference held in Abuja, Dr. Emmanuel Agabi, convener of the Conference of Progressive Nigerians (CPN), cautioned the Nigerian National Petroleum Company Limited (NNPCL) against discontinuing the naira-for-crude deal. He stated that such a decision risks driving petroleum prices up, which would place additional hardship on citizens. The CPN labeled NNPCL’s suspension of this deal as a dangerous move that undermines the country’s economic sovereignty.

Dr. Agabi articulated his concerns, emphasizing that the suspension would hinder local refinery growth. He expressed dismay at the timing of the NNPCL’s decision, especially given reports indicating an increase in Nigeria’s crude output since the deal’s start. The organization further warned that if the deal were suspended, the negative consequences would be significant, leading to decreased foreign exchange reserves and a further decline in the naira’s value.

The CPN has called for a comprehensive investigation into the NNPCL’s actions and demanded accountability for those responsible for the deal’s termination. They asserted that local refineries possess the capability to satisfy domestic needs if properly supported. Dr. Agabi issued a stern warning to the NNPCL’s leadership, indicating that public scrutiny would not be overlooked and that necessary actions would be taken to ensure accountability for any misconduct.

He urged the NNPCL to reconsider its decision and prioritize national interests over personal gains, cautioning that failure to do so could have dire repercussions. Furthermore, he reiterated that the NNPCL is a national entity tasked with serving the country rather than functioning as a private monopoly. The demand for transparency, justice, and the reinstatement of the naira-for-crude deal is paramount; the CPN believes that through collaborative efforts, the nation can secure the success of local refineries and ensure its economic prosperity.

The Conference of Progressive Nigerians strongly advises that the Nigerian National Petroleum Company Limited reconsider its suspension of the naira-for-crude deal, as this could provoke severe economic repercussions for the populace. They call for swift government intervention, emphasizing the potential of local refineries and the necessity for accountability within the NNPCL. Ultimately, the organization asserts that a focus on national interests is crucial for Nigeria’s economic growth and stability.

Original Source: saharareporters.com