The Conference of Nigeria Political Parties (CNPP) has expressed strong support for the new management team of the Nigerian National Petroleum Company Limited (NNPCL) following their decision to reinstate the naira-for-crude initiative for local refineries. 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,” the CNPP stated in a release signed by Comrade James Ezema, Deputy National Publicity Secretary. This approach, according to the group, reduces dependency on foreign exchange, strengthens local refining capacity, creates jobs, boosts the economy, and ensures energy security for the nation.

The CNPP emphasized that the initiative 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.”

However, the CNPP 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 group demanded a thorough investigation into the tenure of the immediate past Group Chief Executive Officer (GCEO) of NNPCL and called for the arrest and trial of all individuals involved in the attempt to renegotiate the naira-for-crude initiative. “We demand accountability to restore public confidence in the management of Nigeria’s oil resources.”

To support local refineries, the CNPP proposed additional measures, including discounted crude oil prices as an incentive for a period of no less than two years. “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.” The group also recommended a commensurate export levy on locally refined petroleum products during the incentive period.

“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 CNPP affirmed.