Fuel Price Hike: Group Seeks Restructuring Of NNPCL’s Debts, Reassessment Of Monetary Policies

Nigerians in the diaspora under the umbrella of Nigerian Professionals in Diaspora (NPID), have called for reassessment of the country’s monetary policies, following the recent hike in pump prices of petrol.

In a statement signed on Thursday by Dr Obiora Okereke, and Chief Bukola Shonekan, Preaident and Secretary of NPID, respectively, the group expressed deep concern over the current state of Nigeria’s economy, particularly the recent spike in fuel prices, which has exacerbated the already challenging economic conditions for millions of Nigerians.

The group blamed the economic managers of the President Bola Tinubu administration for failing to support the President’s vision with competent and effective policies, citing the poorly implemented floating of the Naira as a glaring example.

NPID noted that instead of stabilising the currency and attracting foreign investment, the policy has resulted in further depreciation of the Naira, leading to an unstable exchange rate that has driven up the cost of goods and services across the board.

The group also called for the restructuring of the Nigerian National Petroleum Company Limited’s (NNPCL) debts, reportedly exceeding $6 billion, which has put the nation in a precarious position regarding fuel supply.

“We believe that President Tinubu’s vision for Nigeria is clear, but the implementation of his economic policies by his advisers and managers is lacking in strategic foresight and execution,” NPID said.

The group urged the President to take immediate action to address the economic challenges facing the country, including reassessing monetary policies, restructuring NNPCL’s debts, and holding economic managers accountable for their actions.