Fuel Price Hike: Nigerians Abroad Urge NNPCL Debt Restructuring, Review Of FG’s Monetary Policies

Nigerian Professionals in the Diaspora (NPID) are urging for the restructuring of the debts of the Nigerian National Petroleum Company Limited (NNPCL), which reportedly surpass $6 billion. These debts have placed the country in a vulnerable position regarding fuel supply.

In response to the recent fuel price hike, the group is calling for an immediate review of the country’s monetary policies.

Last Friday, Dr. Obiora Okereke, President, and Chief Mrs. Bukola Shonekan, Secretary of NPID, expressed concern about the current state of Nigeria’s economy. They are worried about the impact of the recent fuel price hike, which has made the already challenging economic conditions even worse for millions of Nigerians.

The group accused President Bola Ahmed Tinubu’s administration’s economic managers of failing to support the president’s vision with competent and effective policies, citing the poorly implemented floating of the naira as a clear example.

The NPID stated that rather than stabilising the currency and attracting foreign investment, the policy has resulted in further depreciation of the naira, resulting in an unstable exchange rate that has raised the cost of goods and services overall.

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

The group urged the President to take immediate action to address the country’s economic challenges, such as reevaluating monetary policies, restructuring NNPCL’s debts, and holding economic managers accountable for their decisions.