Fuel Price Hike: Nigerians In Diaspora Seek Restructuring Of NNPC’s Debts

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

In a statement signed by Dr Obiora Okereke, president and Bukola Shonekan, secretary  on Thursday, NPID expressed 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 Ahmed 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 (NNPC) Limited 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 NNPC’s debts, and holding economic managers accountable for their actions.