Tinubu Govt Urged to Probe Alleged Plan to Suspend Naira-for-Crude Oil Swap Deal
- A civil society group has criticised the reported plan to halt the naira-for-crude oil exchange with local refiners
- The CPN argued that suspending the deal would harm the economy, weaken the naira, and raise fuel costs, making life harder for Nigerians
- The group also called for greater accountability from the NNPCL, insisting that those responsible for the move be held to account
Abuja, FCT - The Conference of Progressive Nigerians (CPN) has condemned the Nigerian National Petroleum Company Limited’s (NNPCL) alleged plan to suspend the naira-for-crude oil swap deal with domestic refiners, calling on the federal government to investigate the move.
The deal involves the NNPCL supplying crude oil to domestic refineries, including the Dangote Refinery, with payments made in naira.
Source: UGC
The CPN described the alleged plan as a deliberate attempt to undermine President Bola Ahmed Tinubu’s economic policies and stifle the growth of local refineries.
Speaking at a press conference in Abuja, CPN convener Dr. Emmanuel Agabi said the move was a “treacherous” act and an “unforgivable betrayal” of Nigeria’s economic sovereignty.
Agabi questioned the timing of the decision, highlighting reports that Nigeria’s crude oil production had increased since the inception of the deal.
What will happen if naira-for-crude oil swap deal is suspended
The group warned that the suspension could significantly impact Nigeria’s economy, further straining foreign exchange reserves and weakening the naira.
They argued that without access to local crude supplies, domestic refineries would be forced to purchase crude on international markets using U.S. dollars, leading to increased petroleum prices and economic hardship for Nigerians.
Agabi stressed that the consequences of the alleged suspension plan would be dire as it will weaken the economy, inflate fuel prices, and deepen the suffering of ordinary Nigerians.
The CPN accused the NNPCL of prioritising its own interests over national welfare and called for an immediate and full-scale probe into the corporation’s activities, insisting that those responsible be held accountable.
According to Agabi, Nigeria’s local refineries are capable of meeting domestic demand if given the necessary support.
Source: Getty Images
CPN calls for transparency and accountability
The CPN cautioned the leadership of the NNPCL, stressing that Nigerians would not tolerate impunity.
"We demand transparency, we demand justice, and we demand the immediate reinstatement of the naira-for-crude deal. Together, we can ensure that our local refineries thrive, our economy prospers, and our nation achieves the greatness it deserves," Agabi said.
Naira-for-crude: Tinubu’s govt makes clarification
Meanwhile, the Chairman of the Technical Sub-Committee, Zacch Adedeji, said the naira-based crude oil supply arrangement with local refineries has not been discontinued.
Adedeji dismissed reports that the policy has been discontinued, forcing the domestic refineries to rely solely on international crude purchases.
He said the reports do not reflect the realities of the ongoing work under the Federal Executive Council Initiative on Domestic Sales of Crude Oil and Refined Products in Naira.
Minister confirms status of Naira for Crude Oil agreement
Similarly, Heineken Lokpobiri, the minister of petroleum resources (oil), clarified that the government has not terminated the naira for crude oil arrangement.
Speaking to journalists on Tuesday, March 11, Lokpobiri noted that the deal has not been called off by the government.
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Source: Legit.ng
