The Conference of Nigeria Political Parties has expressed strong support for the new management team of the Nigerian National Petroleum Company Limited following their decision to reinstate the naira-for-crude initiative for local refineries.
In a statement signed by Comrade James Ezema, Deputy National Publicity Secretary of the CNPP, the group described the move as a “bold and transformative step” toward revitalizing Nigeria’s oil sector and ensuring the availability of refined petroleum products for domestic consumption.
“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.
“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 statement read.
The CNPP emphasised the broader benefits of the initiative, noting that it has the potential to lower the cost of petroleum products for Nigerians and stabilize the oil sector.
“A lower pump price for Premium Motor Spirit (PMS), commonly known as petrol, will lead to a significant reduction in transportation costs for goods and services, ultimately lowering food prices and easing the financial burden on the masses,” the statement added.
However, the CNPP did not shy away from addressing past challenges. The group strongly condemned the actions of the immediate past management of NNPCL, led by the sacked Engr. Mele Kyari, for allegedly sabotaging the presidential directive.
“Reports indicate that instead of implementing the directive of President Bola Ahmed Tinubu, the past leadership attempted to renegotiate the initiative, thereby undermining Nigeria’s economic interests. Such actions are unacceptable and constitute a betrayal of public trust,” the statement declared.
In light of these allegations, the CNPP called for a thorough investigation into the tenure of the immediate past Group Chief Executive Officer 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 statement urged. “Accountability is essential to restore public confidence in the management of Nigeria’s oil resources.”
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The CNPP also proposed additional measures to support local refineries, advocating for discounted crude oil prices as an incentive. “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,” the statement suggested. “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.”
To address potential export concerns, the CNPP recommended a commensurate export levy on locally refined petroleum products during the incentive period. “For refineries exporting refined products, a commensurate export levy can be imposed on all locally refined petroleum products during the period of these incentives,” the statement proposed.
Reiterating its commitment to transparency and accountability, the CNPP concluded by expressing its support for the new NNPCL management. “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 affirmed.
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