Nigerian Coalition of Civil Society Organisations (NICOCSO) on Wednesday called on President Bola Tinubu to order an immediate and transparent probe into the activities of cabal operating within the energy sector.
The NICOCSO National Spokesman, Mr. Segun Adebayo and National Secretary, Benjamin James who gave the charge during the press briefing held in Abuja, condemned in strong terms the country’s continued dependence on PMS importation, thereby sabotaging the resuscitation of the Local refineries.
Speaking during the briefing, Comrade Adebayo said: “Today, the Nigerian Coalition of Civil Society Organizations (NICOCSO) gathers to address a serious issue endangering Nigeria’s economic progress.
“We are concerned by a small but powerful cabal that has prioritized self-interest by enforcing policies that burden our economy, particularly regarding the importation of Premium Motor Spirit (PMS). Their actions sabotage local refining efforts, perpetuating Nigeria’s reliance on imported fuel, which drains our resources and weakens the Naira.”
While addressing issues bothering on the burden of fuel importation and its economic impact, he argued that the “insistence on importing PMS is detrimental to our economy, costing Nigeria billions in foreign exchange annually and leaving the country vulnerable to global market fluctuations.
“This monopolistic approach undermines local enterprises and disrupts our foreign reserves. It is unacceptable that vested interests prioritize personal gain over the collective well-being of the Nigerian people, obstructing our path toward energy self-sufficiency.”
Speaking on the allegation bothering on sabotage of local refining investments, he observed that “Investors such as Aliko Dangote have taken bold steps to establish local refineries like the Dangote Refinery, which holds promise for achieving fuel independence. Yet, this cabal has actively sabotaged such initiatives, blocking pathways for local investors and discouraging economic independence in the refining sector.
“The continued reliance on PMS importation not only restricts job creation but also diminishes the growth potential of industries allied with refining.
“We urge His Excellency, President Bola Ahmed Tinubu, to caution the NNPC cabal led by Mele Kyari against actions that could lead Nigeria into economic crises. The Governors just recently called for the Marketers and the NNPCL to support Dangote and local refineries and we insist on this or the CSOs will be forced to embark on an advocacy March across the country.
“We call on President Tinubu to order an immediate and transparent probe into this NNPCL cabal’s activities within the fuel sector. Without decisive action, Nigeria’s path to a sustainable economy will remain obstructed by a few individuals seeking profit at the nation’s expense.
“To safeguard Nigeria’s economic future, we also urge the President to implement a policy mandating that Nigerian crude oil be sold to local refineries in Naira. This policy shift would support indigenous investors, preserve foreign reserves, and bolster the Naira, ultimately strengthening Nigeria’s economy and stabilizing fuel prices domestically.”
In the bid to address the challenges, the Coalition also harped on the need to empower local refineries with a view to boost the nation’s economy .
He averred that: “Selling crude in Naira would signify a strong commitment to developing local industries and ensuring economic stability. It would give local investors a competitive advantage, helping refineries operate at full capacity and fostering a self-sustaining fuel market. The benefits – reduced fuel costs, increased job creation, and economic resilience would be felt across the country.”
While soliciting for the public support, he urged Nigerians across the country, especially the press and other civil society organizations, to stand with the Coalition in demanding accountability. “Our nation’s economic future depends on breaking the monopolistic grip of those who place self-interest above national welfare. Together, we can build a Nigeria that empowers local industries, ensures fair fuel pricing, and promotes economic sovereignty.
“At this critical juncture, Nigeria faces a choice: to allow exploitative practices to continue or to pursue a path of resilience and stability. We trust President Tinubu’s administration to act decisively, safeguarding Nigeria’s economy by holding this cabal accountable and encouraging local refining through policies that prioritize the Naira.”
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