ActionAid raises concerns over suspension of naira-for-crude

 ActionAid has raised concerns over the ongoing crisis in the petroleum sector, sparked by Dangote Petroleum Refinery’s suspension of petroleum product sales in naira.

Mr Andrew Mamedu, Country Director of ActionAid Nigeria (AAN) expresssd this concern in a statement on Tuesday in Abuja.

Mamedu criticised the suspension, stating that it has caused panic buying, hoarding, and speculative price increases, worsening economic hardship for Nigerians.

“The suspension of the naira-for-crude agreement will push more Nigerians into multidimensional poverty, deepen social inequalities, and create further economic instability.

“Rising fuel prices will increase transportation costs, making it harder for low-income earners to commute, access essential services, or sustain small businesses,” he said.

AAN urged the Federal Government to take swift action to restore public confidence, protect citizens from further economic strain, and ensure transparency in the energy sector.

Mamedu also called on the government to provide clear information on local refining and crude supply.

He warned that failure to do so raises serious concerns about transparency, accountability, and governance in the petroleum industry.

“The Nigerian National Petroleum Company Limited’s (NNPCL) preference for importing Premium Motor Spirit (PMS) instead of prioritising local refining is deeply concerning.

“We call for independent third-party monitoring of crude oil transactions, fuel pricing, and distribution to ensure transparency and accountability,” he added.

The organisation also demanded a comprehensive review of pricing models to prevent exploitation by depot owners and marketers.