Edun, Lokpobiri, Kyari, Other Stakeholders Chart Path For Naira-Based Crude Sales To Local Refineries

To ensure the full implementation of President Bola Ahmed Tinubu’s directive for the Nigerian National Petroleum Company Limited (NNPCL) to sell crude oil to the Dangote Refinery and other local refineries in naira, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, on Tuesday met with relevant stakeholders for the actualisation of the policy objective of the federal government.

The meeting between Edun and the stakeholders, which held at the headquarters of the Ministry of Finance in Abuja, brought together important stakeholders, including the Minister of State for Petroleum Resources (Oil), Senator  Heineken Lokpobiri meeting; Group Chief Executive Officer of NNPCL, Mr. Mele Kyari; Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji; the Permanent Secretary of the Federal Ministry of Finance, Mrs. Lydia Shehu Jafiya and other notable participants, provided an opportunity for in-depth discussions, which underscored longstanding challenges within the petroleum sector.

Although details of the meeting were not available, a statement by the Director of Information and Public Relations, Ministry of Finance, Mohammed Manga stated: “This initiative aims at strengthening the domestic economy as well as supporting the sustainable operations of local refineries, including the Dangote Refinery.

“As the meeting drew to a close, a sense of strong confidence and collective purpose filled the air with Edun expressing optimism that with the collaborative efforts of all stakeholders, this groundbreaking initiative will empower local refineries, stimulate economic growth, and redefine the nation’s petroleum landscape.

“By harnessing the collaborative spirit of key stakeholders, Nigeria is poised to witness a transformative shift in its economic trajectory.

“Thus, the country is set to unlock new opportunities, overcome longstanding challenges, and emerge stronger.

“The Naira Crude Sales initiative marks a significant milestone in Nigeria’s journey towards economic prosperity, and all eyes are on the promising future that lies ahead.”

Tinubu had on July 27, directed the NNPCL to sell crude to Dangote Refinery and other local refineries in naira.

The Special Adviser to the President on Information and Publicity, Bayo Onanuga, who disclosed this had stated: “To ensure the stability of the pump price of refined fuel and the Dollar-Naira exchange rate, the Federal Executive Council today adopted a proposal by President Tinubu to sell crude to Dangote Refinery and other upcoming refineries in Naira.

“Afreximbank and other settlement banks in Nigeria will facilitate the trade between Dangote and NNPC Limited. The game-changing intervention will eliminate the need for international letters of credit. It will also save the country billions of dollars used in importing refined fuel.”

Ndubuisi Francis, Emmanuel Addeh and Chuks Okocha

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