The Coalition for Economic Liberation and Transformation (CELT) has accused the Nigerian National Petroleum Company Limited (NNPCL) of prioritizing fuel importation over domestic refining, resulting in a staggering N3 trillion expenditure on fuel imports within just 42 days.
Between October 1 and November 11, Nigeria imported 1.5 million metric tonnes, equivalent to two billion liters of Premium Motor Spirit (PMS), 414,018 metric tonnes (or 500 million liters) of diesel, and 13,500 metric tonnes (or 17 million liters) of aviation fuel.
Speaking at a press conference in Abuja, Henry Owolabi, the CELT Executive Director, criticized the NNPCL for its recent actions that have negatively impacted the economy.
Furthermore, CELT demanded the dismissal of the Group Chief Executive Officer, Mele Kyari.
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The coalition also urged the Central Bank of Nigeria to halt further payments for fuel importation and called for regulatory oversight to verify the quality of imported fuel and investigate financial claims.
Owolabi added: “Kyari and his associates involved in fake fuel-importing schemes have successfully undermined the Central Bank of Nigeria (CBN)’s policies aimed at strengthening the naira. They have mopped up limited dollars that could have been used for manufacturing-related imports.
“The irresponsible importation, which is compromising the naira, borders on criminality when one recalls that President Bola Tinubu personally intervened to broker the sale of crude oil to indigenous refineries to reduce pressure on Nigeria’s currency and make refined products more affordable.
“Additionally, this importation has severe economic consequences. The money used for importing fuel could have been more effectively utilized in areas such as healthcare, education, and infrastructure.
“The government and other relevant bodies must promptly address these concerns. They must emphasize the importance of boosting manufacturing and supporting our refineries to function at their full potential.
“Furthermore, our Coalition demands the immediate dismissal of Kyari to restore transparency and accountability in the industry, and to prevent the NNPCL CEO and his associates from spreading corruption to other sectors of the economy.
“Finally, we demand that the necessary regulatory and anti-graft agencies intervene to address the anomaly surrounding fuel importation.”
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