Account for $20bn spent on Nigeria’s refineries, CSOs tell NNPCL
Nigerian Coalition of Civil Society Organisations (NICOCSO) has called on Nigerian National Petroleum Company Limited (NNPCL) to render account of the 20 billion US dollar allegedly spent for the repair of refineries since 2007.
The News Agency of Nigeria (NAN) reports that the call came amidst threat by the coalition to embark on nationwide protests over the moribund state of the nation’s refineries and continued importation of refined petroleum products.
National Spokesperson for NICOCSO, Mr Segun Adebayo, while addressing newsmen in Abuja on Tuesday, stressed the need for accountability, transparency and policies that prioritised local industries.
He said that the call had become necessary following the decision of NNPCL to import more than 1.6 billion litres of Premium Motor Spirit (PMS).
According to him, the decision 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.
Adebayo said that a comprehensive account must be provided, as Nigerians deserved to know why refineries had remained dormant in spite of the enormous expenditures.
He also said that NNPCL must inform Nigerians on the date for the commencement of operations at the three major refineries in the country.
“Nigerians are the true owners of these refineries; they deserve transparency on the management of the facilities.
“With the policy to encourage competition and local growth, NNPCL must step up action in support of the operationalisation of local refineries.
“We urge President Bola Tinubu to halt the importation of 1.6 billion litres of PMS and investigate the procurement process so as to ensure transparency.
“NNPCL’s decision to import PMS on this scale undermines our national interest, weakens our economy and delays the journey toward energy independence, and such decisions could undermine our future, if unchecked,’’ Adebayo said.
He expressed the coalition’s commitment to ensuring that public resources were used for the interest of the people.
“We call on all Nigerians to join us in holding the NNPCL and its leadership accountable, for a better future of our nation,” he said.
According to Adebayo, the importation of such an 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,” he said.
He expressed the regret that for decades, billions of dollars had been spent on the repairs of refineries and yet, the facilities were not functioning.
“None of Nigeria’s three major refineries are operational today; instead of supporting local refining, the NNPCL perpetuates a cycle of dependency on imports, stifling local initiatives and sabotaging job creation,” Adebayo stated. (NAN)
