A group, Nigerian Coalition of Civil Society Organisations (NICOSO), has lamented the high cost of continuous importation of petrol, saying it was having huge negative impacts on the economy.
In its position paper presented during a peaceful protest in Abuja on Friday, the group said it was moving against actions that “threaten our nation’s economic future and sovereignty.”
Spokesman of the Coalition, Segun Adebayo, and its National Coordinator, Benjamin James, in the jointly signed document, said, “We are here to raise urgent concerns about the group within the Nigerian National Petroleum Company Limited (NNPCL) whose policies jeopardise our economic stability by prioritising imported Premium Motor Spirit (PMS) over local refining.
“This group’s profit-driven approach burdens our economy, drains our foreign reserves, weakens the Naira, and obstructs local initiatives designed to support energy self-sufficiency and job creation.”
It added that, “Despite Nigeria’s potential to refine fuel locally, vested interests within the NNPCL continue to impose PMS importation on Nigeria. This unnecessary import dependency costs Nigeria billions in foreign exchange every year, placing our economy under enormous strain.”
The group called on President Bola Ahmed Tinubu to take decisive action to address “this troubling issue.”
