The Forum of Civil Society Organizations of Nigeria has addressed recent criticisms and misrepresentations surrounding the country’s oil sector reforms.
Led by Comrade Friday Maduka, Coordinator of the Joint Forum, the group responded to criticisms raised by the Arewa Democratic Front (ADF). During a press briefing in Abuja, the Forum refuted the ADF’s claims, describing them as misleading and unsubstantiated attempts to distort the reality of the oil industry.
Comrade Maduka expressed frustration over the efforts of individuals and groups, lacking in oil sector expertise, who attempt to undermine the progress made under the leadership of Mele Kyari, CEO of the Nigerian National Petroleum Company Limited (NNPCL). “We are perplexed by the boldness of those with no foundational understanding of the oil industry who present themselves as experts. Their misinformation and distortions are both ridiculous and harmful,” Maduka remarked.
The Forum criticized the ADF for its lack of knowledge regarding the complexities of the oil sector and its failure to acknowledge significant issues, such as the four years of crude oil upfront sales and the resulting debt from the previous administration.
Mele Kyari was commended by the Forum for his efforts to address these challenges, including maintaining price stability for Premium Motor Spirit (PMS). The Forum argued that Kyari had been wrongly blamed for the oil sector’s financial challenges, which were primarily caused by the profit-driven practices of private marketers. They emphasized that Kyari’s approach aligns with President Bola Ahmed Tinubu’s “Renewed Hope” agenda, which focuses on advancing Nigeria’s development and tackling long-standing issues in the oil industry.
The Forum praised Kyari’s commitment to driving positive change and fostering collaboration with all stakeholders to resolve the sector’s challenges. They urged Nigerians to support the federal government’s initiatives and dismiss misleading narratives that could hamper progress.
They further highlighted the importance of justice, transparency, and adherence to the rule of law in addressing the persistent contradictions within the oil industry, acknowledging Kyari’s efforts to decisively tackle these challenges for the benefit of future generations.
The Forum concluded by encouraging Nigerians to remain steadfast in supporting the ongoing reforms under Kyari’s leadership and President Tinubu’s administration, acknowledging the significant strides made in the oil sector.
Meanwhile, the NNPC is considering securing a crude oil-for-cash loan to raise at least $2 billion. This move comes as the state-owned oil company aims to strengthen its finances and invest in increasing oil production amid rising economic pressures. Kyari confirmed to Reuters that the loan would be secured against 30,000 to 35,000 barrels per day (bpd) of crude oil production.
