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

Dr. Emmanuel Agabi from the Conference of Progressive Nigerians has warned the NNPCL against suspending the naira-for-crude deal, labeling it a betrayal of Nigeria’s economic sovereignty. He highlighted the adverse effects such a suspension could have on petroleum prices and urged accountability and transparency from the NNPCL, advocating for the reinstatement of the deal to support local refineries.

Dr. Emmanuel Agabi, convener of the Conference of Progressive Nigerians (CPN), has urged the Nigerian National Petroleum Company Limited (NNPCL) to maintain its naira-for-crude deal, warning that its suspension could lead to significant hardships for citizens due to rising petroleum prices. During a recent press conference in Abuja, he characterized the NNPCL’s decision as a “treacherous move” and a severe betrayal of Nigeria’s economic sovereignty.

The CPN strongly condemned the NNPCL’s move to suspend the crude oil swap deal with local refiners, highlighting concerns that this action could undermine local refinery growth. Agabi pointed out that, since the deal’s initiation, Nigeria’s crude output had seen an increase, raising questions about the rationale behind this decision.

The organization conveyed that halting the naira-for-crude deal could have devastating effects, such as further deteriorating Nigeria’s foreign exchange reserves, intensifying the naira’s devaluation, and compelling local refineries to purchase crude oil in foreign currencies. Agabi urged the Nigerian government to investigate the actions of the NNPCL and hold accountable those responsible for suspending the program.

The CPN reiterated the capability of Nigeria’s local refineries to meet domestic demand if appropriately supported. Agabi emphasized that the days of impunity are over for the NNPCL, stressing that the Nigerian populace is vigilant and prepared to demand accountability for the company’s actions. He urged the NNPCL to reverse its decision and prioritize national interests over personal gains, warning that failure to do so would lead to severe repercussions.

Moreover, he reminded the NNPCL of its responsibilities as a national institution, asserting that it should serve the people of Nigeria rather than hinder their progress. CPN demands accountability, transparency, justice, and the immediate restoration of the naira-for-crude deal, with the aim to ensure the prosperity of local refineries and the overall economy.

In summary, the Conference of Progressive Nigerians has vehemently opposed the NNPCL’s decision to suspend the naira-for-crude deal, emphasizing the potential negative impacts on both the economy and citizens’ welfare. Dr. Emmanuel Agabi’s call for accountability underscores the necessity for the NNPCL to act in the best interests of Nigeria, ensuring that local refineries thrive and the nation achieves its economic ambitions.

Original Source: saharareporters.com

About Liam Nguyen

Liam Nguyen is an insightful tech journalist with over ten years of experience exploring the intersection of technology and society. A graduate of MIT, Liam's articles offer critical perspectives on innovation and its implications for everyday life. He has contributed to leading tech magazines and online platforms, making him a respected name in the industry.

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