The administration of the Nigerian National Petroleum Company Limited (NNPCL) has come under heavy criticism from the Coalition for Economic Liberation and Transformation (CELT) for putting fuel imports ahead of domestic refining.
The group stated that in just 42 days, the importation of petroleum products led to N3 trillion in petrolem import expenses.
The coalition claims that Nigeria imported 1.5 million metric tonnes, or two billion litres of Premium Motor Spirit (PMS), 414,018 metric tonnes, or 500 million litres, of petrol, 13,500 metric tonnes, or 17 million litres, of aviation fuel, between October 1 and November 11.
The CELT’s Executive Director, Henry Owolabi, criticized NNPCL leadership during a briefing in Abuja, pointing to the negative effects on Nigeria’s currency and economy.
The alliance also demanded regulatory monitoring to check the quality of imported fuel and look into financial claims, and urged the Central Bank of Nigeria to stop making any more payments for fuel imports.
Owolabi added in a The Nation report,
Owolabi pointed out that there are serious economic repercussions from the imports. He believed that the funds used to import petroleum should be better spent on infrastructure, healthcare, and education.
Therefore, he urged the government and other relevant entities to address these issues as soon as possible.
TimesNow.com.ng reported that the Nigerian National Petroleum Company Limited (NNPCL) has announced an increase in Nigeria’s oil production.
This was disclosed in a statement signed by Olufemi Soneye, chief corporate communications officer NNPC Ltd, and released on Thursday, November 14.
In the statement, NNPC Limited said the feat was achieved in compliance with the mandate of President Bola Ahmed Tinubu.
Source: TimesNow.com.ng
