NPID seeks restructuring of NNPCL debt profile to stabilise fuel crisis, economy

The Nigerian Professionals in Diaspora (NPID) has called for the urgent restructuring of the Nigerian National Petroleum Company Limited’s (NNPCL) debt profile to help the oil giant meet its obligations and stabilize fuel supply at reasonable prices.

In a statement released on Friday, NPID President Dr. Obiora Okereke and Secretary Mrs. Bukola Shonekan stressed the importance of restoring confidence in Nigeria’s ability to honor its international commitments by addressing NNPCL’s mounting debts.

This week, NNPCL confirmed that it owes $6 billion to fuel suppliers, which has led to fuel shortages and long queues across the country.

“It is imperative to restore confidence in Nigeria’s ability to meet its international obligations. NNPCL’s debts must be restructured, and a strategic plan must be implemented to ensure a continuous supply of petrol at reasonable prices,” the NPID stated.

The group warned that international fuel suppliers are now reluctant to provide products on credit due to NNPCL’s outstanding debts, which have disrupted supply chains, triggered price hikes, and worsened economic hardships for Nigerians.

While commending President Bola Tinubu for his commitment to Nigeria’s economic growth, the NPID criticized the President’s economic team for their handling of key policies, particularly the recent floating of the Naira. They argued that the poorly executed currency policy has led to further depreciation of the Naira, driving inflation and increasing the cost of living.

ALSO READ:Kaduna govt to return 200,000 out-of-school children to school

“Instead of stabilizing the Naira and attracting foreign investment, this policy has weakened the currency, driving up the cost of goods and services, and creating unbearable inflation for the Nigerian people,” the statement read.

The group urged President Tinubu to hold his economic advisers accountable for the negative outcomes of their policies and to consider appointing a more competent, transparent, and strategic management team to guide Nigeria’s economy.

“President Tinubu’s vision for Nigeria is clear, but his economic managers have failed to implement it effectively. Immediate corrective measures are needed to prevent further deterioration of the economy,” NPID stated.

They concluded by reaffirming their support for President Tinubu’s administration, while urging urgent steps to realign economic policies with the President’s vision to avoid derailing Nigeria’s potential for economic recovery.