The Nigerian Coalition of Civil Society Organizations (NICOCSO), yesterday stormed the National Assembly to protest the importation of 1.6 billion litres of Premium Motor Spirit (PMS), otherwise known as petrol, by the Nigerian National Petroleum Company Limited (NNPCL).
The coalition described the decision as a betrayal of Nigerians and a significant threat to the nation’s economic stability.
Speaking at the rally, Kennedy Tabuko, spokesperson of the protesters, condemned the importation, describing it as an act of economic sabotage, citing its potential to worsen inflation, weaken the naira, and increase the cost of living for Nigerians.
According to NICOCSO, the large-scale importation of PMS will drain Nigeria’s already fragile foreign exchange reserves, which are crucial for stabilizing the economy.
“A weakened currency means higher prices for goods and services, making daily life more difficult for ordinary Nigerians,” said Kennedy Tabuko, a NICOCSO representative.”
He further criticized NNPCL for ignoring the long-term benefits of local refining and fostering an unhealthy dependence on imports.
“This approach undermines our vision for energy self-sufficiency and stalls local economic growth. How can a nation blessed with abundant crude oil rely on imports that damage cars and destroy livelihoods?
”Taxi drivers, business owners, and everyday Nigerians are spending beyond their means to repair their vehicles,” Tabuko said. “He expressed the group’s frustration over the government’s failure to repair and operationalize the nation’s refineries, despite over $20 billion spent since 2007.”
He said: “Where is the $20 billion allocated for refinery repairs? Why are our refineries still inactive after nearly two decades,” Tabuko asked, calling for answers from the NNPCL and the government.”
Tabuko, however, called on the government to explain how the $20 billion allocated for refinery repairs since 2007 was spent.
“NNPCL must provide clear schedules for the functioning of Nigeria’s three main refineries. End Monopoly,” the coalition urged, asking NNPCL to promote competition by supporting private investment in local refining.
“NICOCSO demand President Bola Ahmed Tinubu halt the importation of PMS, investigate the procurement process, and replace NNPCL officials responsible for what they described as poor decision-making.
“This is not just about fuel; it’s about trust. Nigerians need leadership that prioritizes their interests. We cannot continue down this path of waste and dependency. This importation is a betrayal of the Nigerian people,” Tabuko said.
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