OMG! Group calls for sack of Kyari over fuel importation

• The Coalition for Economic Liberation and Transformation has strongly criticized NNPCL for prioritizing petroleum imports above domestic refining.
• According to the group, importation of petroleum product led to N3 trillion in gasoline import expenses in just 42 days
• The Executive Director of the CELT chastised NNPCL leadership, citing the detrimental impacts on Nigeria's economy and currency

Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

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.

CELT pointed to the negative effects on Nigeria's currency and economy. Photo Credit: NNPC
Source: Getty Images

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,

“NNPCL fuel-importing associates have successfully rubbished the Central Bank of Nigeria (CBN)’s policies targeted at strengthening the Naira. They mopped up the limited dollars that would have gone into procuring manufacturing-related imports.

Group calls for sack of Kyari

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.

“They must emphasise the importance of boosting manufacturing and supporting our refineries to function at their potential.“Consequently, the Coalition for Economic Liberation and Transformation urges the CBN to stop further payments in the name of fuel importation. Those who persist in importing what is readily available locally should bear the brunt of sourcing the foreign exchange to pay for their indulgence.“Furthermore, our Coalition demands that NNPCL leadership be sacked without hesitation to restore the industry’s transparency and accountability and to prevent the NNPCL CEO and his associates from spreading contagion to other sectors of the economy.“Finally, we demand that the necessary regulatory and anti-graft agencies step in to arrest the anomaly around fuel importation.“

NNPC announces increase in oil production

Legit.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: Legit.ng