A pro-democracy coalition, the Renewed Hope Interest Defenders, on Wednesday, threw its weight behind President Bola Tinubu’s economic reforms, including the removal of fuel subsidy, support for local refineries, and executive orders aimed at boosting investment in the oil and gas sector.
The group, however, demanded the immediate sack of the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari.
Convener of the group, Obed Agu, who addressed a press conference in Abuja, said their third quarterly review session showed that Tinubu’s policies were “bold, decisive and already easing the burden of Nigerians through cheaper fuel, lower inflation and better prospects for economic stability.”
Agu listed the February 2024 executive orders signed by the President—including tax incentives for oil and gas companies, local content compliance directives, and the reduction of contracting costs and timelines—as evidence of Tinubu’s determination to revive the sector.
He, however, accused the NNPCL boss of frustrating the efforts.
According to the group, Ojulari abandoned discussions for a $5bn Saudi oil-backed loan initiated by the President in November 2023, presided over the shutdown of Port Harcourt refinery despite it operating at 60 per cent capacity.
“His mismanagement is one of the reasons why the 2025 budget has not been fully funded, exposing the President to unfair criticism and citizens to hardship,” Agu said.
The group demanded Ojulari’s immediate removal and the appointment of a “competent, visionary, and unifying” replacement to restore confidence in the oil sector.
They also called for the restarting of refineries, an end to wasteful foreign spending, and prosecution of all individuals implicated in past and present corruption cases in the NNPCL.
While passing a unanimous vote of confidence on President Tinubu, the group insisted that the continued stay of Ojulari in office “represents the missing link sabotaging the renewed hope agenda.”
“President Tinubu knows what to do. He has shown he can take tough decisions. We trust he will act swiftly to rescue the nation’s oil industry from collapse,” Agu declared.
