The Coalition for Economic Liberation and Transformation (CELT) has raised alarm over alleged N3 Trillion fuel importation fraud traced to the Nigerian National Petroleum Company Limited’s (NNPCL) and some of its business partners in the last  42 days.

This revelation came to light during a press conference held in Abuja on November 15, 2024.

According to CELT, Nigeria imported 1.5 million metric tonnes of premium motor spirit, 414,018 metric tonnes of diesel, and 13,500 metric tonnes of aviation fuel between October 1 and November 11.

Henry Owolabi, the Executive Director of the coalition criticized NNPCL’s Group Chief Executive Officer, Mele Kolo Kyari, for prioritizing fuel importation over domestic refining, despite the availability of local refineries.

The Dangote Refinery, with a capacity to process 650,000 barrels of oil daily, is one such refinery that could significantly reduce Nigeria’s reliance on foreign fuel.

CELT questioned Kyari’s decision-making process, citing the detrimental impact on Nigeria’s economy and currency.

The coalition accused Kyari of sabotaging domestic refineries and undermining the Central Bank of Nigeria’s policies aimed at strengthening the naira.

CELT demanded Kyari’s immediate sack and urged the Central Bank to halt further payments for fuel importation.

Furthermore, CELT called on regulatory agencies to verify the quality of imported fuel and investigate financial claims.

The coalition emphasized the need to prioritize domestic refining, highlighting benefits such as significant cost savings, energy security, economic growth, and environmental sustainability.

Owolabi added: “Kyari and his fake fuel-importing associates have successfully rubbished the Central Bank of Nigeria (CBN)’s policies targeted at strengthening the Naira. They mopped up the limited dollars that would have gone into procuring manufacturing-related imports.

“The irresponsible importation, which is compromising the naira, borders on criminal when one recalls that President Bola Tinubu, personally, intervened to broker the naira sale of crude oil to Indigenous refineries to reduce the pressure on Nigeria’s currency and make refined products more affordable. Kyari and his lackeys insult our president by persisting in this criminal trade.

“Kyari’s leadership role in the fuel importation racket perhaps explains why he has deliberately sabotaged the nation’s investments in the three major government-owned refineries in the last two years. Why would a man who has not allowed our refineries to work be allowed to continue to lead the NNPCL?

“Additionally, this importation has severe economic consequences. The money used for importing fuel could be effectively utilised in areas, like healthcare, education and infrastructure.

“The government and other appropriate bodies must promptly tackle these concerns. They must emphasise the importance of boosting manufacturing and supporting our refineries to function at their potential.

“Consequently, the Coalition for Economic Liberation and Transformation urges the CBN to stop further payments to Kyari’s cronies in the name of fuel importation. Those who persist in importing what is readily available locally should bear the brunt of sourcing the foreign exchange to pay for their indulgence.

“Furthermore, our Coalition demands that Kyari be sacked without hesitation to restore the industry’s transparency and accountability and to prevent the NNPCL CEO and his associate from spreading contagion to other sectors of the economy.

“Finally, we demand that the necessary regulatory and anti-graft agencies step in to arrest the anomaly around fuel importation.“

The federal government has proposed N47.9 trillion as the total expenditure in the 2025 budget.

Atiku Bagudu, the minister of budget and economic planning, told journalists on Thursday, after the federal executive council (FEC) meeting presided over by President Bola Tinubu.

Vaguely said the council approved the medium-term expenditure framework (MTEF) for 2025-2027.

He said the government pegged the crude oil benchmark at $75 per barrel and oil production at 2.06 million barrels per day (bpd)

The budget minister said the exchange rate was pegged at N1,400 per dollar, noting that the government is targeting a gross domestic product (GDP) growth rate of 6.4 percent.

Ondo state government has declared Friday a public holiday to enable civil servants and others to travel to various communities to exercise their civic responsibilities.

This was contained in a statement on Wednesday evening signed by O.F. Ayodele, Permanent Secretary, Office of the Head of Service.

The statement reads, “The 2024 Governorship Election in Ondo State has been scheduled by the Independent National Electoral Commission (INEC) to be held on Saturday, 16th November 2024.