Naira-for-Crude: Tinubu Asked to Declare State of Emergency on NNPCL Leadership

• The Concerned Citizens Forum has tackled the Nigerian National Petroleum Company Limited (NNPCL)
• The group urged President Bola Ahmed Tinubu to declare a state of emergency on NNPCL leadership
• According to the group, Nigeria's economy is negatively impacted by the decision to stop the Naira-for-Crude initiative

Legit.ng journalist Adekunle Dada has over 7 years of experience covering metro, government policy, and international events

FCT, Abuja - The Concerned Citizens Forum called on President Bola Tinubu to declare a state of emergency on the leadership of the Nigerian National Petroleum Company Limited (NNPCL).

The President-General of the Forum, Samuel Olakitan, said the decision of the NNPCL to stop the Naira-for-Crude initiative will negatively impact Nigeria's economy.

Olakitan stated this while speaking at a press conference on Tuesday, March 25, 2025.

"The recent policy maneuvers made by the Nigerian National Petroleum Company Limited (NNPCL), under the leadership of Mele Kyari, has molded the NNPCL into a symbol of incompetence, corruption, and a glaring betrayal of national interest.

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"It is with a heavy heart and a sense of urgency that we call on the Nigeria President, Bola Ahmed Tinubu, to declare a state of emergency on the leadership of NNPCL.

The statement that was made available to Legit.ng

"The suspension of the naira-for-crude deal is undoubtedly antithetical to the overarching objective of attaining energy self-sufficiency. This policy has inadvertently perpetuated our dependency on imported petroleum products, thereby further exposing the nation to the vicissitudes of global oil price fluctuations and attendant supply chain vulnerabilities, which is dangerous to our fragile economy at the moment."

He concluded

"We came to the conclusion that the move by NNPCL is not just ill-advised; it is a deliberate act of economic sabotage. It is a betrayal of the Nigerian people and a slap in the face of a nation striving for self-sufficiency in its energy sector.”

Legit.ng reported that the Chairman of the Technical Sub-Committee, Zacch Adedeji, reacted to the Naira-for-crude policy had been stopped.

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Adededeji said the policy framework enabling the sale of crude oil in naira for domestic refining remains in force.

According to Adedeji, no decision has been made or considered to discontinue this approach or policy.

Legit.ng also reported that he committee overseeing the naira-for-crude deal reportedly convened in Abuja on Monday, March 24, 2025, to continue negotiations.

Additionally, the committee assessed the challenges faced by the NNPC in supplying crude oil to domestic refineries.

Sources indicate that NNPC is facing difficulties with crude oil, as it has committed its stock to a forward sale agreement with international creditors.

NNPC breaks silence as naira-for-crude deal

Meanwhile, Legit.ng reported that NNPC had reportedly decided to discontinue its naira-for-crude deal with local refineries as it moves to prioritise long-term contracts.

The development now means local refineries such as Dangote will have to source crude oil from international markets.

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Naira for crude deal: FG schedules meeting as new petrol prices emerge at depots

The national oil company has said it is still ready to make the crude oil available under a new agreement.

Source: Legit.ng