Buhari told who to blame for Naira drop, only way for Nigeria to meet OPEC quota

The Conference of Nigerian Political Parties (CNPP) on Thursday urged President Muhammadu Buhari to end the inefficiency and rampant corruption of NNPC Limited if the country ever reaches its Organization of Countries production quota oil exporters (OPEC) in the near future.

The CNPP, in a statement by Chief Willy Ezugwu, its Secretary General, said that continuing to see the monetary policy of the Central Bank of Nigeria as responsible for the continued fall of the naira against the dollar is to take the blame too far appointees in the current administration, insisting that "the CBN cannot be blamed when Nigeria fails to meet its OPEC production quota as an economy that depends primarily on oil revenues gross".

The CNPP was reacting to media reports credited to Chief Timipre Sylva, the Minister of State for Petroleum Resources, who confirmed that Nigeria was not meeting its OPEC production quota due to oil theft.

"It is worrying that the NNPC, for more than ten months, has been unable to meet OPEC's production quota due to gross inefficiency and corruption, but, in the As part of the blame game of Buhari appointees, oil thieves must be held solely accountable in order to stay in office,” the CNPP statement read in part.

“It has become abundantly clear that we cannot continue to blame the monetary policy of the Central Bank of Nigeria for the continued free fall of the naira or the sharp swings in the exchange rate against the dollar as the NNPC has been consistently unable to meet Nigeria's OPEC production quota for months."

The CNPP, however, urged “President Buhari to take very decisive steps to end the endemic corruption within the NNPC if the country ever reaches its OPEC production quota in the near future ."