Speaking at a press conference in Abuja, CPN convener Dr. Emmanuel Agabi described the move as a "treacherous" betrayal of Nigeria’s economic sovereignty.
He warned that the suspension could destabilise the local refining sector, worsen foreign exchange reserves, and force domestic refiners to purchase crude in dollars—leading to skyrocketing fuel prices.
“This decision is an unforgivable betrayal of Nigeria’s economic future,” Agabi stated. “Who truly benefits from these forward contracts that justify the suspension of a policy aiding local refineries?”
The group accused the NNPCL of prioritising selfish interests over national progress and collaborating with external forces to undermine Nigeria’s oil and gas sector.
CPN called for an immediate government probe into NNPCL’s activities, alleging corruption and collusion.
“The NNPCL is a national institution, not a private cartel. It must serve Nigeria, not sabotage it,” Agabi declared.
He urged the government to reinstate the naira-for-crude deal and hold responsible officials accountable.
“The people of Nigeria are watching. We will not hesitate to take all necessary actions to ensure justice and transparency,” he added.
CPN insisted that local refineries are capable of meeting domestic demand if properly supported, urging swift government intervention to prevent economic hardship for Nigerians.