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Home Economic News

NNPCL’s importation of fuel killing Nigeria economy

by Tolulope Akinruli
November 18, 2024
in Economic News
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NNPCL’s importation of fuel killing Nigeria economy
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A group called as the Stand-Up South South Security Group (SSSSG) has accused Nigerian National Petroleum Company Limited (NNPCL) and oil cartels of destroying the country’s economy through the import of refined products. The organisation claimed that between 2007 and today, the NNPCL has squandered $20 billion on refinery repairs, with multiple assurances of start dates but no refinery in operation.

In a statement issued on Monday in Abuja and signed by Comrade Dickson A. Onisiru, Coordinator, the organisation accused NNPCL of wasting the people’s money to repair refineries and getting nothing in return. The group encourages President Bola Ahmed Tinubu to promptly direct NNPCL to account for the billions of dollars squandered on the repair of defunct refineries.

It also called on Nigerians who are already facing hunger and hardship due to the high cost of fuel imports have asked NNPCL when the three refineries will begin operations. “The NNPCL should start the Refineries now or let Mele Kyari leave or be removed from that office for his failure and inability to get the Refineries working” The group also cautioned that fuel importation was a planned strategy aimed at thwarting all domestic and local refineries, including the Dangote Refinery.

It urged President Bola Ahmed Tinubu to ponder deeply and not enable NNPCL and oil cabals to destabilise his administration and make life tough for Nigerians. The group said that the NNPCL had become a tool in the hands of the opposition to undermine President Tinubu’s administration.

” We are beginning to assume that the NNPCL, oil cabals, and gasoline importers have a single agenda: to undermine Tinubu’s government and Tinubu’s efforts to eliminate fuel importation. This is why the NNPCL has purposefully made sure that the PH and Warri refineries are not running in order to support their fuel importation.

” Furthermore, why are they making excessive noise about monopoly when NNPC has held the monopoly for decades? The NNPCL should begin refineries immediately, and there will be no more monopoly. So, why aren’t they starting the refineries? This is why President Tinubu must order the NNPCL to restart the refineries immediately.”

“They are plotting and conspiring to destroy local refineries including the Dangote Refinery, just as NNPCL destroyed the PH, Warri, and Kafuna refineries as part of their gasoline importation operation. The federal government, led by President Bola Ahmed Tinubu, must do all possible to promote other local refineries and the Dangote Refinery, which is domesticated in Nigeria.” “If President Bola Ahmed Tinubu wants Nigerians to take him seriously, he must halt all gasoline imports immediately.

President Tinubu must ensure that petroleum imports halt by 2024. The President should engage with owners of local refineries as well as Dangote Refinery to put a halt to the importation of refined products. The group determined that domestic refineries, including the Dangote Refinery, bring significant economic benefits to the country and Nigerians.

Tags: importation of fuelNNPCL
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Tolulope Akinruli

Tolulope Akinruli

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