NNPCL: IMPORTATION OF 1.6BN LITRES OF PMS WILL CRIPPLE ECONOMY – CSO WARNS
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The Coalition of Civil Society Organisation (NICOSO), has threatened to go on protest over the decision by the Nigeria National Petroleum Company Limited (NNPCL), to import over 1.6 billion litres of Premium Motor Spirit (PMS).
The group on Tuesday, described the move as “not just a policy misstep but a deliberate move to undermine Nigeria’s local refining potential, cripple the economy, and deepen the hardship faced by ordinary Nigerians”.
It therefore listed out certain conditions to be met, failure of which it said “NICOCSO will organize nationwide protests across Abuja and other states”, stressing that Nigerians must rise to demand accountability, transparency, and policies that prioritize local industries.
Leading members of the group during media briefing, Tuesday in Abuja, its spokesperson, Mr. Tabuko Kennedy said that the importation of such enormous volume of PMS places undue pressure on Nigeria’s foreign exchange reserves.
“With the Naira already struggling against major currencies, this decision will exacerbate the depreciation of our currency.
“A weaker Naira means higher inflation, making life harder for Nigerians as goods and services become increasingly unaffordable. The added cost of importing fuel undermines our goal of achieving energy independence, while draining resources that could have been invested in local refineries”.
“The decision to import over 1.6 billion litres of Premium Motor Spirit (PMS) is not just a policy misstep but a deliberate move to undermine Nigeria’s local refining potential, cripple the economy, and deepen the hardship faced by ordinary Nigerians.
“It is alarming that the imported PMS is reportedly of substandard quality, damaging vehicles and increasing maintenance costs for millions of Nigerians. From taxi drivers to small business owners, this poor-quality fuel is wreaking havoc on livelihoods. This is unacceptable in a country with abundant crude oil and refining potential.
“The NNPCL’s decision to import PMS on this scale undermines our national interest, weakens our economy, and delays our journey toward energy independence. As Nigerians, we cannot allow decisions that compromise our future to go unchecked”.
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