The federal government has commenced moves to implement President Bola Tinubu’s Naira Crude Oil Sales directive.
The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, held a crucial meeting with key stakeholders in the industry and government revenue officials to fine-tune the implementation, in Abuja, yesterday.
According to a statement by Mr Mohammed Manga, Director of Information and Public Relations of the Ministry, this afternoon, the Minister of State for Petroleum (Oil) Mr Heineken Lokpobiri Minister of State and the Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mr Mele Kyari and the Permanent Secretary of the ministry, Mrs Lydia Jafiya met to strategise on the policy implementation.
The meeting was also attended by the Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji, to brief the gathering on the revenue implications of the policy.
Mr. Edun was said to have expressed optimism that the initiative would empower local refineries, stimulate economic growth and redefine the nation’s Petroleum landscape.
President Bola Tinubu had recently directed the NNPCL to sell crude oil to local refineries in Naira.
There has been a major controversy between NNPCL and the Dangote Group over alleged attempts to frustrate the smooth operation of the $20 billion Dangote Refinery in Lagos.
However, the NNPCL and other government agencies in the Oil sector have denied any deliberate attempt to frustrate the Dangote Refinery.
This initiative aims at strengthening
the domestic economy as well as supporting the sustainable operations of local refineries, including the Dangote Refinery is expected to impact the performance of the Naira at the foreign exchange market.
Demand for foreign exchange to import petroleum products was said to be in the region of 25 per cent of the market demand.
The Naira Crude Sales initiative marks a significant milestone in Nigeria’s journey towards economic prosperity.