Concerned Nigerians under the aegis of Nigerian Coalition of Civil Society Organisations (NICOCSO) on Tuesday called for an investigation into the utilisation of over $20 billion spent on turnaround maintenance (TAM) of four local refineries since 2007.
Speaking during a press briefing held in Abuja, NICOCSO National Coordinator, Mr Segun Adebayo and National Spokesperson, Benjamin James, expressed concerns over Nigerian National Petroleum Corporation Limited (NNPCL) importation of over 1.6 billion litres of premium motor spirit (PMS) which may allegedly strangulate the local refineries.
Mr Adebayo said: “Today, we gather to address a decision by the Nigerian National Petroleum Company Limited (NNPCL) that threatens the economic future of our nation.
“The decision to import over 1.6 billion litres of Premium Motor Spirit (PMS) is not just a policy misstep but a deliberate move to undermine Nigeria’s local refining potential, cripple the economy, and deepen the hardship faced by ordinary Nigerians.”
Mr. Adebayo who lamented over the possibility of economic sabotage and its impact on the Naira, maintained that the importation of such an enormous volume of PMS places undue pressure on Nigeria’s foreign exchange reserves. With the Naira already struggling against major currencies, this decision will exacerbate the depreciation of our currency.
“A weaker Naira means higher inflation, making life harder for Nigerians as goods and services become increasingly unaffordable. The added cost of importing fuel undermines our goal of achieving energy independence while draining resources that could have been invested in local refineries.
“It is alarming that the imported PMS is reportedly of substandard quality, damaging vehicles and increasing maintenance costs for millions of Nigerians. From taxi drivers to small business owners, this poor-quality fuel is wreaking havoc on livelihoods. This is unacceptable in a country with abundant crude oil and refining potential.
“For decades, billions of dollars have been spent repairing refineries, with numerous promises of functionality. Yet, none of Nigeria’s three major refineries are operational today. Instead of supporting local refining, the NNPCL perpetuates a cycle of dependency on imports—stifling local initiatives and sabotaging job creation.”
Speaking on the position of the Group, NICOCSO National Spokesperson, Mr. Benjamin James said: “In light of these issues, NICOCSO demands the following: accountability for past investments.
The government and the NNPCL must provide a comprehensive account of the $20 billion spent on refinery repairs since 2007. Nigerians deserve to know why our refineries remain dormant despite these enormous expenditures.”
In the bid to ensure local production of crude oil, the Group maintained that: “NNPCL must set and announce a clear start date for operations at Nigeria’s three major refineries.
“The people of Nigeria, as the true owners of these refineries, deserve transparency and a commitment to deadlines.”
While stressing the need to ensure a monopoly in the industry, the Group frowned at the NNPCL’s dominance in the industry, hence harper on the need for the regulatory Agency to support the operationalisation of local refineries without further delay.
“While the NNPCL argues against monopoly in the industry, it enjoyed monopoly privileges for decades. Now, with policies that could encourage competition and local growth, the NNPCL must step up and support the operationalization of local refineries.
“We urge President Bola Ahmed Tinubu to halt the importation of 1.6 billion litres of PMS, investigate the procurement process and ensure transparency.”
While urging Mr President to “dismiss the leadership of the NNPCL responsible for this anti-national decision,” the Group threatened that: “if these demands are not met, NICOCSO will organize nationwide protests on Monday, 18th November 2024, across Abuja and other states. Nigerians must rise to demand accountability, transparency, and policies that prioritize local industries.
“The NNPCL’s decision to import PMS on this scale undermines our national interest, weakens our economy, and delays our journey toward energy independence. As Nigerians, we cannot allow decisions that compromise our future to go unchecked.
“NICOCSO remains committed to ensuring that public resources are used in the interest of the people, and we call on all Nigerians to join us in holding the NNPCL and its leadership accountable. Together, we can demand a better future for our nation.
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