On Tuesday, President Bola Tinubu held a meeting at the Aso Rock Villa in Abuja with the Implementation Committee on Naira-based crude oil sales.
Gists9ja reports that among those present were businessman Aliko Dangote, owner of Dangote Refinery, Finance Minister Wale Edun, and various government officials and stakeholders.
President Tinubu urged the committee to address any challenges with the Naira-based crude oil sales policy. He emphasized that Nigeria would not revert to previous practices in the oil sector, stressing the adoption of Naira transactions to bypass exchange rate issues.
Presidential spokesperson Bayo Onanuga quoted Tinubu, saying that solutions for Naira sales of crude oil and refined products should not lead back to the struggles of the past four decades. Tinubu added that although adjustments in costs and revenues are possible, the government is committed to a new approach.
The President encouraged key players, including NNPC Ltd and Dangote Refinery, to enhance the economy and support Nigerians’ well-being. He also urged them to focus on producing sufficient petroleum products locally to reduce import dependence and direct foreign exchange toward industrial development.
Tinubu suggested using Afreximbank as a settlement bank to aid Naira pricing for crude and refined products. He emphasized the need for market-based solutions to determine profit and loss, enabling independent marketers and government representatives to reach agreements.
The President also praised Aliko Dangote’s investment in refining, stressing the need for energy security. Finance Minister Wale Edun reaffirmed that the administration’s policy to sell crude in Naira would remain and that exchange rates for the oil sector would not be government-regulated.
Dangote reported that the refinery has more than 500 million liters of fuel in reserve, with 400 million liters already supplied to the economy. He noted potential collaboration with NNPC-managed refineries to meet domestic fuel demands.
Federal Inland Revenue Service Chairman Zach Adedeji, head of the technical committee, indicated that refined product imports could end once local production meets domestic demand. He shared the President’s vision of making Nigeria a hub for refined products for export.
Other attendees included Afrexim Bank President Prof. Benedict Oramah, Minister of Budget and National Planning Sen. Abubakar Atiku Bagudu, NNPC Group Managing Director Mele Kyari, and other key figures in energy and regulatory sectors.
