A coalition of civil society organizations, NICOSO, has raised alarm over the Nigeria National Petroleum Company Limited’s (NNPCL) decision to import 1.6 billion liters of Premium Motor Spirit (PMS). The group strongly criticized the move, describing it as harmful to Nigeria’s economy and detrimental to its citizens.
During a press briefing in Abuja on Tuesday, NICOSO spokesperson Mr. Tabuko Kennedy explained the group’s concerns. He stated that the large-scale importation would strain Nigeria’s already fragile foreign exchange reserves, further weakening the naira against major currencies.
“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”.
