President Bola Ahmed Tinubu on Tuesday commended the progress of the Implementation Committee overseeing Naira-based sales of crude oil and refined products, urging them to resolve any initial challenges.
Speaking at a review meeting in Abuja, he explained that Naira transactions aimed to eliminate exchange rate barriers, promoting a more stable oil sector.
Any solution for crude and refined product sales in Naira should avoid the pitfalls of the past 40 years. Adjustments in oil sector costs and revenues may be necessary, but the government will not revert to outdated practices,” he stated.
The President highlighted the role of key industry players, including the Nigerian National Petroleum Corporation Ltd and the Dangote Refinery, in driving economic growth and improving Nigerians’ lives.
He urged stakeholders to focus on supplying sufficient petrol and petroleum products domestically, reducing dependence on imports and redirecting foreign exchange toward the development of the real sector.
Tinubu also recommended Afreximbank as a settlement institution for Naira-based pricing for crude and refined products, noting Afreximbank’s current role as financial adviser.
The market should set the terms. Once it dictates profit and loss, independent marketers and government can align on the specifics. I want these issues resolved promptly,” he added.
He emphasised that achieving energy security would support predictable, long-term stability, reinforcing incentives for local investments like those of Alhaji Aliko Dangote.
Finance Minister Wale Edun affirmed that the administration’s shift to Naira-based crude sales was non-negotiable, with the government no longer controlling the sector’s exchange rate.
Dangote Group President, Aliko Dangote, informed Tinubu that his refinery has over 500 million litres of fuel in reserve after supplying 400 million litres to the market.
He noted the potential collaboration with NNPC-managed refineries to satisfy Nigeria’s 32 million-litre daily petrol demand.
Federal Inland Revenue Service Chairman Zach Adedeji, head of the technical committee, said Nigeria’s reliance on refined product imports would end once domestic production meets local needs, aligning with Tinubu’s vision to position Nigeria as a hub for refined products exports.
Other attendees included Prof. Benedict Oramah, President of Afreximbank; Sen. Abubakar Atiku Bagudu, Budget Minister; NNPC Group MD Mele Kyari; Special Adviser on Energy Olu Verheijen; NIMASA and NPA CEOs; and regulatory chiefs Engineer Gbenga Komolafe and Farouk Ahmed.
PM News
