CNPP Applauds NNPCL’s Bold Move to Revive Naira-for-Crude Initiative, Demands Accountability and Incentives for Local Refineries
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In a significant development for Nigeria’s oil sector, the Conference of Nigeria Political Parties (CNPP) has lauded the new management of the Nigerian National Petroleum Company Limited (NNPCL) for reinstating the naira-for-crude initiative. This policy, which had been suspended under the previous administration, is hailed as a transformative step toward empowering local refineries and ensuring energy security for the nation.
According to a statement signed by its Deputy National Publicity Secretary, Comrade James Ezema, the CNPP said, “The naira-for-crude initiative is a groundbreaking policy designed to empower local refineries by providing them with direct access to crude oil in exchange for naira payments.”
The umbrella body of all registered political parties and political associations in Nigeria added that “This approach not only reduces dependency on foreign exchange but also strengthens local refining capacity, creating jobs, boosting the economy, and ensuring energy security for the nation.”
The initiative aligns with the presidential directive approved by the Federal Executive Council (FEC) and promises to lower the cost of petroleum products for Nigerians. The CNPP emphasized that a reduced pump price for Premium Motor Spirit (PMS), commonly known as petrol, would lead to lower transportation costs, ultimately easing the financial burden on the masses.
However, the CNPP did not shy away from criticizing the immediate past management of NNPCL, led by Engr. Mele Kyari, for allegedly sabotaging this critical directive. “Reports indicate that instead of implementing the directive of President Bola Ahmed Tinubu, the past leadership attempted initiative, thereby undermining Nigeria’s economic interests. Such actions are unacceptable and constitute a betrayal of public trust,” the statement read.
The CNPP has called for a thorough investigation into the tenure of the former Group Chief Executive Officer (GCEO) of NNPCL. “We demand the arrest and trial of all individuals involved in the attempt to renegotiate the naira-for-crude initiative, as their actions amount to economic sabotage and an attempt to derail the Renewed Hope Agenda of President Bola Tinubu’s administration,” the CNPP declared.
Looking ahead, the CNPP has urged the Federal Government to introduce additional measures to support local refineries. “We propose that, in addition to the naira-for-crude policy, the government should provide discounted prices on crude oil for all local refineries as an incentive for a period of no less than two years. This policy would enable stability in the oil refining business, encourage investment in the sector, and ensure the sustainability of the naira-for-crude initiative.”
The CNPP also suggested imposing an export levy on locally refined petroleum products for export during the incentive period, ensuring that Nigeria does not subsidize products for foreign countries.
In closing, the CNPP reiterated its commitment to advocating for transparency and accountability in Nigeria’s oil sector. “We stand firmly in support of the new NNPCL management in their efforts to implement reforms that will transform the oil sector, drive national development, and reduce poverty across the country,” the statement concluded.
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