By Luminous Jannamike

ABUJA – The Conference of Progressive Nigerians (CPN) has expressed significant concerns regarding the suspension of the naira-for-crude oil swap deal with domestic refiners.

The group warned that this decision could severely undermine Nigeria’s economic stability, harm local refineries, and exacerbate the already precarious state of the nation’s foreign exchange reserves and the naira.

During a press conference held in Abuja, Dr. Emmanuel Agabi, the convener of the CPN, addressed the implications of this suspension.

He argued that the move contradicts the economic goals of President Bola Ahmed Tinubu’s administration and poses a direct threat to the growth of Nigeria’s local refineries. Agabi emphasised that the timing of the suspension is particularly questionable, given reports of increased crude output since the deal’s inception.

The CPN highlighted that the suspension could force local refineries to purchase crude oil from international suppliers in dollars, leading to skyrocketing petroleum prices and further economic hardship for Nigerian citizens.

The group also raised concerns about the beneficiaries of the forward contracts cited by the Nigerian National Petroleum Company Limited (NNPCL) as justification for the suspension, calling for transparency and accountability in the decision-making process.

In addition to its economic implications, the CPN accused the NNPCL of prioritising its interests over national welfare and urged the Federal Government to initiate a full-scale investigation into the matter. The group stressed that Nigeria’s local refineries are competent and capable of meeting domestic demands if given the necessary support.

Consequently, the CPN demanded the immediate reinstatement of the naira-for-crude deal, emphasising that national institutions must serve the collective good rather than private interests. The group warned that failure to address these issues could lead to dire consequences for the nation’s economy and its citizens.

Agabi stated, “We therefore issue a warning that the days of impunity are over. The people of Nigeria are watching, and we will not hesitate to take all necessary actions to hold you accountable for your actions.”

He continued, “We urge stakeholders to retrace their steps and prioritise the interests of the nation. Failure to do so will undoubtedly lead to dire consequences.

“Finally, the NNPCL must understand that it is a national institution, not a private cartel. Its duty is to serve Nigeria, not to sabotage it. The time for accountability is now!

“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.”