The Nigerian Professionals in Diaspora (NPID) has called for a restructuring of the Nigerian National Petroleum Company Limited’s (NNPCL) debt profile to enable the oil company to meet its obligations and ensure a consistent fuel supply at fair prices.
In a statement released on Friday, NPID President Dr. Obiora Okereke and Secretary Mrs. Bukola Shonekan emphasized the need to restore confidence in Nigeria’s ability to honor its international commitments by addressing its debt issues.
This week, NNPCL confirmed it owes $6 billion to suppliers, a situation that has led to widespread fuel shortages across the country. The NPID asserted that restructuring the NNPCL’s debts and implementing a clear plan for stable petrol supply is crucial for Nigeria’s economic stability.
The group noted that international suppliers have become reluctant to extend credit to NNPCL due to its substantial debt. This debt has disrupted fuel supply chains and contributed to recent increases in fuel prices, exacerbating the hardships faced by ordinary Nigerians.
While commending President Bola Tinubu for his commitment to national prosperity, the NPID criticized his economic team for inadequately supporting his vision. The group specifically pointed to the poorly executed floating of the Naira, which has led to its continued depreciation.
“Instead of stabilizing the Naira and attracting foreign investment, this policy has weakened the currency further, driving up the cost of goods and services and causing severe inflation,” the statement read.
The NPID expressed concern that the current economic strategy, along with the ineffective implementation by the administration’s advisers, is undermining President Tinubu’s vision for Nigeria. They called for a reassessment and overhaul of the economic management team to better address the country’s economic challenges.
“We believe President Tinubu’s vision for Nigeria is clear, but the execution of his economic policies by his team lacks strategic foresight. The economic managers must be held accountable for the negative impacts of their policies and take immediate corrective action,” the statement concluded.
NPID reaffirmed its support for President Tinubu’s efforts to rebuild Nigeria but urged for prompt and effective measures to ensure the President’s vision is not derailed by the current economic management. The group believes that with sound economic policies and a capable management team, Nigeria can overcome its current economic difficulties.
