NNPCL’s Decision
- Importing 1.6 billion liters of Premium Motor Spirit (PMS)
- Undermines Nigeria’s local refining potential
- Exacerbates foreign exchange pressures
- Deepens hardship for ordinary Nigerians
Economic Concerns
- Further depreciation of the Naira
- Increased inflation
- Higher maintenance costs for vehicles
CSO’s Stance
- Prioritize local refining and energy independence
- Transparency and accountability in oil resource management
- Current situation is unsustainable
The Coalition of Civil Society Organisation (NICOSO) is sounding the alarm on the Nigerian National Petroleum Company Limited’s (NNPCL) decision to import 1.6 billion liters of Premium Motor Spirit (PMS), warning that it’ll cripple Nigeria’s economy. They’re concerned that this move will undermine the country’s local refining potential, exacerbate foreign exchange pressures, and deepen hardship for ordinary Nigerians .
With the Naira already struggling against major currencies, importing such a large volume of PMS could lead to further depreciation, causing inflation and making life even harder for Nigerians. The substandard quality of the imported fuel is also a major concern, as it damages vehicles and increases maintenance costs for millions of Nigerians.
NICOSO is urging the government to prioritize local refining and energy independence, rather than relying on imports. They’re calling for transparency and accountability in the management of Nigeria’s oil resources, and warning that the current situation is unsustainable.
It’s worth noting that the NNPCL has been facing financial strain due to the costs of importing PMS, and has informed oil marketers that it may halt imports if the situation doesn’t improve . This could lead to even more fuel scarcity and higher prices for Nigerians.
