President Bola Tinubu On Tuesday, he assured Nigerians of stability in the Nigerian oil sector with the introduction of the Naira for Nigeria’s crude oil policy.
Mr. Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, in a statement posted on his X handle, said Mr. Tinubu made the statement while speaking in Abuja on Tuesday.
Tinubu commended the Naira-based Implementation Committee on Sale of Crude Oil and Refined Products and called on its members to resolve any issues.
The President said during a review meeting in the State House that the use of the naira was considered to remove the exchange rate hurdle.
“Whatever solution we propose regarding the sale of crude oil and refined products in Naira, we should not go back to the experience of the past 40 years.The oil sector will need to adjust its costs and revenues. The problem is that there is no need for government to go back to its old ways,” Tinubu was quoted as saying.
The President said various stakeholders in the petroleum sector, including the Nigerian National Petroleum Corporation (NNPC Ltd) and Dangote Refinery, should work towards improving the economy and livelihoods of Nigerians.
NNPCL Towers (Abuja)
According to the statement, Tinubu urged stakeholders to look inward and consider providing sufficient petroleum products for local consumption to end permanent dependence on imports, thereby He pointed out that it will be possible to channel foreign exchange into the development of the real sector.
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The statement said the President advised stakeholders to use Afreximbank as a clearing bank to resolve Naira pricing of crude oil and refined products.
“Afreximbank is already on board as a financial advisor.
“The market has to decide what we do. If we allow the market to decide the profit and loss, independent marketers and the government can sit down and talk on the worksheet. We want to solve the problem without any problems.
“We will have energy security and Alhaji Aliko Dangote’s motivation will not succumb. It will become more predictable in the medium to long term,” he added.
Also, the Minister of Finance and Coordinating Minister for the Economy, Wale Edun, said there would be no reversal of his administration’s landmark move to sell crude oil in Naira and that the government would not be involved in determining exchange rates for the oil sector. Ta.
Federal Inland Revenue Commissioner Zac Adedeji, who chairs the technical committee, told the meeting that imports of refined products should stop once there is sufficient production capacity to meet domestic demand.
“The president’s vision is to make Nigeria a hub for exporting refined products to the world.”
Others present at the meeting included Benedict Orama, President and Chairman of the Board of Afreximbank, Abubakar Bagudu, Minister of Budget and National Planning, and Group Managing Director of NNPC Limited, Mele Kyari, according to the statement. Attending.
Special Assistant to the President on Energy, Mr. Olu Verheijen, the CEOs of the Nigerian Maritime Authority and Safety Authority (NIMASA) and the Nigerian Ports Authority were also present, as well as Engineer Gbenga Komolafe, Head of the Upstream Regulatory Authority, and Head of the Midstream Regulatory Authority. Farooq Ahmed was also present. and downstream regulator (NMDPRA).
In July, the Federal Executive Council (FEC) directed NNPC Ltd to engage with the Dangote refinery and other local refineries to resolve disputes over crude oil sales.
Related articles: UPDATE: Dangote tells oil marketer NNPC to stop importing petrol, says refineries have enough quantity
In October, the Nigerian government announced that it had officially begun selling crude oil and refined petroleum products in naira.
The government announced at the time that the sale in naira was effective from October 1.
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