President Bola Ahmed Tinubu convened with the implementation committee for crude oil and refined products sales in local currency to evaluate the progress of using the naira for crude sales to local refineries.
The committee, led by Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, held a strategic review meeting at the State House in Abuja on Tuesday.
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EKO HOT BLOG reports that after the meeting, Edun addressed journalists, stating that discussions centered on executing the President’s directive to transition crude oil sales to local refineries in naira, a shift made possible by the establishment of the Dangote Refinery.
He emphasized that this initiative aligns with President Tinubu’s commitment to reducing Nigeria’s reliance on foreign exchange and noted that Dangote’s investment is crucial to its success.
Edun reassured that all stakeholders, including the Nigerian National Petroleum Company Limited (NNPCL), the Central Bank of Nigeria (CBN), and regulatory bodies, are dedicated to the initiative’s success, aiming to tackle initial challenges and maintain the new approach.
The policy is designed to stabilize the naira and bolster economic resilience amidst ongoing foreign exchange constraints.
Attendees at the meeting included Alhaji Aliko Dangote, President of Dangote Group; Mr. Mele Kyari, Group Chief Executive Officer of NNPCL; Dr. Zacch Adedeji, Chairman of the Federal Inland Revenue Service (FIRS); and Mr. Yemi Cardoso, Governor of the Central Bank of Nigeria. Also present were Mallam Farouk Ahmed, Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), and Mr. Gbenga Komolafe, Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
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