The Coalition for Economic Liberation and Transformation (CELT) has raised concerns over the “staggering” N3 trillion spent on the importation of fuel within 42 days, citing it’s detrimental impact on Nigeria’s economy and currency.

CELT’s Executive Director, Henry Owolabi who addressed newsmen on Friday in Abuja, lamented that between October 1 and November 11, Nigeria imported an astonishing 1.5 million metric tonnes, equivalent to two billion litres of Premium Motor Spirit (PMS), 414,018 metric tonnes or 500 million litres of diesel, and 13,500 metric tonnes or 17 million litres of aviation fuel.

Owolabi who criticized the leadership of the Group, Chief Executive Officer, Nigerian National Petroleum Company Limited (NNPCL), Mele Kolo Kyari, condemned the prioritization of fuel importation over domestic refining.

The coalition urged the Central Bank of Nigeria (CBN) to halt further payments for fuel importation and called for regulatory oversight to verify imported fuel quality and investigate financial claims.

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 ourg 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.“