Dr. Emmanuel Agabi from the CPN criticized NNPCL’s suspension of the naira-for-crude deal, stating it could harm local refineries and increase fuel prices. They demanded accountability and transparency to support economic stability. The organization argued for the deal’s reinstatement to mitigate hardships on citizens.
Dr. Emmanuel Agabi, convener of the Conference of Progressive Nigerians (CPN), criticized the Nigerian National Petroleum Company Limited (NNPCL) for suspending the naira-for-crude deal, labeling it a “treacherous move” and a betrayal of Nigeria’s economic sovereignty. This suspension could dramatically increase petroleum prices and inflict economic hardship on the citizens, the group warned.
The CPN’s statement condemned the NNPCL’s decision, emphasizing that it would undermine the development of local refineries. Agabi raised concerns about the timing of the suspension, noting that Nigeria’s crude output had reportedly risen since the deal’s inception.
The organization forecasted that abandoning the deal would strain Nigeria’s forex reserves, worsen the naira’s condition, and compel local refineries to source crude oil in dollars. They called for a thorough governmental investigation into the NNPCL’s actions regarding the naira-for-crude deal.
Agabi asserted that local refineries have the capability to meet domestic demands if supported adequately. “The days of impunity are over. The people of Nigeria are watching,” he cautioned, stressing the importance of prioritizing national interests over personal gains.
He urged NNPCL to recognize its role as a national institution rather than a private entity, emphasizing the need for accountability. CPN demanded transparency, justice, and the reinstatement of the naira-for-crude deal to ensure the prosperity of local refineries and the nation’s economy.
The suspension of the naira-for-crude deal by the NNPCL poses serious risks to Nigeria’s economy and could lead to increased hardship for citizens. The CPN, led by Dr. Emmanuel Agabi, demands accountability and the reinstatement of the deal to support local refineries and stabilize the national economy. This situation underscores the need for transparency and national awareness regarding the actions of key institutions like the NNPCL.
Original Source: saharareporters.com
