The Conference of Nigeria Political Parties (CNPP) has thrown its weight behind the Nigerian National Petroleum Company Limited (NNPCL)’s new leadership, applauding their reinstatement of the naira-for-crude policy as a bold step toward fixing Nigeria’s troubled oil sector.
In a statement issued by CNPP’s Deputy National Publicity Secretary, James Ezema the group hailed the move as a “transformative” decision that will empower local refineries, slash fuel import costs, and boost economic stability.
“The naira-for-crude initiative is a game-changing policy,” the statement said. “It gives local refineries direct access to crude oil in exchange for naira payments—cutting dependence on foreign exchange, strengthening local production, and creating jobs.”
CNPP believes the policy could usher in cheaper petrol, reduce transportation costs, and ease the financial pressure on ordinary Nigerians.
But while applauding the new leadership, CNPP had harsh words for the ousted NNPCL boss, Engr. Mele Kyari, accusing him of derailing a presidential directive.
“Instead of executing President Tinubu’s order, the former management allegedly attempted to renegotiate the deal, sabotaging national economic interests,” the group alleged. “This betrayal of public trust must not go unpunished.”
The CNPP is calling for a full investigation into Kyari’s tenure and the arrest of anyone involved in what it described as “economic sabotage.”
To solidify gains from the naira-for-crude deal, the CNPP is also pushing for more support: discounted crude prices for local refineries for at least two years and an export levy on refined products during this incentive period.
“We urge the federal government to back this policy with practical incentives to drive investment, ensure sustainability, and support Nigeria’s energy independence,” the group said.
Reaffirming its commitment to accountability, the CNPP expressed confidence in the new NNPCL management, stating: “We fully support ongoing reforms aimed at transforming the oil sector and delivering real progress to the Nigerian people.”
