The Centre for Accountability and Transparency has accused the Nigerian National Petroleum Company (NNPC) of undermining Nigeria’s economic interests through its handling of the naira for crude initiative. The program, launched to stabilize the naira by selling crude oil in local currency, has faced scrutiny amid allegations of mismanagement and opacity.
In a statement released on Tuesday, the Centre claimed that NNPC’s implementation has favored foreign entities over domestic refineries, contradicting the policy’s goal of boosting local production and reducing dollar dependency.
The NNPC’s actions suggest a deliberate sabotage of national interests, prioritizing profit over patriotism, said Dr. Ibrahim Sule, the Centre’s
The accusation follows reports of discrepancies in crude allocation, with local refiners, including Dangote Refinery, allegedly sidelined while international traders secure bulk contracts.
Critics argue this defeats the initiative’s purpose, as forex pressures persist and the naira remains volatile, trading at N1,650 to the dollar on the parallel market as of March 25, 2025.
NNPC has yet to respond officially, but sources within the corporation dismissed the claims as baseless, insisting that allocations align with global trade norms. The controversy has reignited calls for transparency in Nigeria’s oil sector, with stakeholders demanding an audit of the naira for crude scheme.
Analysts warn that failure to address these concerns could erode public trust in the government’s economic reforms.
The Centre has vowed to petition the National Assembly for a probe, signaling a brewing showdown over the nation’s oil policy.
SOURCE: promax1777