The Conference of Nigeria Political Parties (CNPP) has declared its full support for the new management of the Nigerian National Petroleum Company Limited (NNPCL), applauding the revival of the naira-for-crude oil policy as a major step toward revitalizing the country’s petroleum sector.
In a statement issued on Friday and signed by Deputy National Publicity Secretary, James Ezem, the CNPP described the policy as a “bold and transformative step” poised to enhance local refining capacity, reduce reliance on foreign exchange, and boost energy security.
The initiative allows domestic refineries to purchase crude oil using the naira, a move the CNPP says could stimulate economic growth, generate employment, and lead to a reduction in the price of Premium Motor Spirit (PMS), commonly known as petrol. The expected drop in fuel prices, according to the group, could also help lower transportation and food costs, thereby easing the economic burden on Nigerian citizens.
While commending the newly appointed NNPCL leadership for aligning with President Bola Ahmed Tinubu’s reform agenda, the CNPP criticized the previous management, led by former Group CEO Mele Kyari, accusing them of deliberately obstructing the implementation of the naira-for-crude policy.
“Reports suggest that the past management attempted to renegotiate the initiative instead of executing the president’s directive. This is not only a betrayal of public trust but a deliberate act of economic sabotage,” the statement alleged.
The group called for a thorough investigation into the actions of the former NNPCL leadership and demanded the arrest and prosecution of those found culpable.
Looking ahead, the CNPP urged the federal government to provide additional support for the naira-for-crude policy, including offering crude oil to local refineries at discounted rates for at least two years. This, they argued, would help ensure the sustainability of the initiative and attract further investment into the sector.
To balance domestic development with export control, the CNPP also recommended introducing an export levy on locally refined petroleum products sold abroad during the incentive period.
Reaffirming its commitment to national development and transparency, the CNPP pledged its continued backing of the NNPCL’s new direction.
“We stand firmly behind the reforms being introduced by the new management, which are critical to transforming the oil sector and alleviating poverty across the country,” the statement concluded.