The Nigerian Coalition of Civil Society Organisations (NICOSO), has cautioned against the decision by the Nigeria National Petroleum Company Limited (NNPCL), to import over 1.6 billion litres of Premium Motor Spirit (PMS)
The group described the move as “not just a policy misstep but a deliberate move to undermine Nigeria’s local refining potentials, cripple the economy, and deepen the hardship faced by ordinary Nigerians”.
It therefore listed out certain conditions to be met, failure of which it said “NICOCSO will organize nationwide protests on Monday, 18th November 2024, across Abuja and other states”, stressing that Nigerians must rise to demand accountability, transparency, and policies that prioritize local industries.
Leading members of the group during a media briefing, Tuesday in Abuja, its spokesperson, Mr. Tabuko Kennedy said “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”.
The group demamnded for accountability for past investments from the government and the NNPCL, especially on the $20 billion spent on refinery repairs since 2007, operational timelines for the refineries by the NNPCL, an end to monopoly excuses by stepping up to support the operationalization of local refineries, and immediate action by President Bola Ahmed Tinubu to halt the importation of 1.6 billion litres of PMS.
The group said it remained “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”.
