By Kelechi Esogwa-Amadi
The Independent Petroleum Marketers Association of Nigeria (IPMAN), Rivers State chapter, has condemned the Nigerian National Petroleum Commission (NNPC), for borrowing three billion dollars ($3,000,000,000.00) to stabilize the naira.
Speaking to newsmen in Port Harcourt in reaction to the decision, the chairman of IPMAN in Rivers State, Joseph Obele, said the responsibility of the NNPC is to provide energy to power the nation’s economy by ensuring that the refineries are functioning and not to secure loans to stabilize the nation’s currency.
According to him, the responsibility of ensuring financial security in the country belongs to the central bank of Nigeria.
“The least educated person can tell you that the duties of NNPC, among others, include focusing on energy transition while ensuring domestic energy security by ensuring regular supply of products.
“On the other hand, the responsibility of CBN is to be proactive in providing a stable framework for the economic development of Nigeria through the effective and efficient, and transparent implementation of monetary policies and protecting the naira against international currencies.
“NNPC is supposed to focus on energy security while CBN focuses on financial security. NNPC has failed in securing the energy sector by its inability to refine crude oil in Nigeria yet they intruding into the responsibility of CBN,” Obele said.
The Rivers IPMAN chairman wondered why NNPC should borrow money for the stabilization of the naira rather than for payment of its contractors owed for more than two years.
He also expressed surprise that NNPC is borrowing money at a time it has told Nigerians that over one trillion nairas have been saved from the petrol subsidy removal, wondering where the purported excess money from the subsidy removal has gone to.
He said they “are still confused to agree with realities that NNPC actually needed a loan at a time they told us that over one trillion nairas have been saved from fuel subsidy removal.
“At a time they said Nigeria will have excess money because of fuel subsidy removal. As we speak, thousands of contractors that have executed jobs for NNPC over the past one or two years are lamenting delays in contract payment.
“NNPC didn’t borrow to pay those contractors, yet they’re borrowing to do the job of CBN. The instability of the Nigerian economy is a result of misplaced priorities and a lack of vision. This unfruitful approach of NNPC is one such.”
