The Nigerian Coalition of Civil Society Organizations (NICOCSO) has strongly condemned the Nigerian National Petroleum Company Limited (NNPCL) for importing 1.6 billion liters of Premium Motor Spirit (PMS), describing it as a “betrayal of the Nigerian people and a threat to economic stability.
Addressing a press conference in Abuja on Thursday, the NICOCSO spokesman, Kennedy Tabuko, argued that this action will strain Nigeria’s foreign exchange reserves, exacerbate the devaluation of the Naira, and undermine the country’s vision for energy self-sufficiency.
Mr. Tabuko also criticized the imported PMS for being of inferior quality, causing damage to vehicles and livelihoods.
He said: “The decision by NNPCL to bring in over 1.6 billion litres of Premium Motor Spirit (PMS) can only be viewed as an act of economic sabotage. This action places unmanageable strain on Nigeria’s already shrinking foreign exchange reserves and exacerbates the devaluation of the Naira.
“A weakened currency elevates inflation, raises the prices of goods and services, and makes daily life increasingly challenging for ordinary Nigerians. This misguided approach undermines our vision for energy self-sufficiency and stalls the development of local refining capabilities.
“It is alarming to discover that a significant portion of the imported PMS is believed to be of inferior quality, leading to extensive damage to vehicles and jeopardizing livelihoods. For taxi drivers, business owners, and everyday citizens, the costs associated with repairing damaged engines are overwhelming. How can a nation blessed with abundant crude oil be forced to rely on subpar imports that threaten the assets of its people?
“For years, the Nigerian populace has been assured of functional refineries. However, despite the staggering investment of over $20 billion since 2007, our refineries remain in disrepair. Rather than prioritizing the establishment of local refining, NNPCL continues to foster a dependency on imports, stifling opportunities for local investment, economic growth, and job creation”, he said.
NICOCSO spokesman , however, demanded accountability from NNPCL and the government, seeking transparency in the procurement process and the removal of NNPCL leaders responsible for the detrimental decisions.
The group has announced nationwide rallies starting from Abuja on November 21, 2024, to demand accountability and transparency.
“We invite all Nigerians to join us in our demand for accountability, transparency, and policies that support local industries over dependency on imports”, he said.