Edun meets NNPC, others on crude oil sale to local refineries in Naira

The Federal Government has moved to ensure a hitch-free implementation of President Bola Ahmed Tinubu’s directive for the sale of crude to local refineries in Naira by meeting with the Nigerian National Petroleum Corporation Limited (NNPCL) Group Managing Director Mele Kyari and relevant stakeholders.

The other stakeholders from various sectors involved in the petroleum and financial industries at the meeting included   Heineken Lokpobiri, minister of State for Petroleum Resources (Oil);     Zacch Adedeji, executive chairman,   Federal Inland Revenue Service (FIRS); and   Lydia Jafiya, permanent secretary, Ministry of Finance.

The meeting which was convened by Minister of Finance and Coordinating Minister of the Economy  Wale Edun, took place in the Finance Ministry in Abuja on Monday.

Federal Executive Council had on July 29 okayed President Tinubu’s proposal for NNPCL  to halt the sale of crude oil to local refineries in foreign currency.

It (FEC) which approved that   450,000 barrels for domestic consumption be sold to the refineries in Naira, said the decision was to stabilise  pump price of refined fuel and the dollar-naira exchange rate.

A statement by Mohammed Manga, director of Information and Public Relations in the Finance Ministry, said Edun and the stakeholders engaged in in-depth discussions aimed at addressing the longstanding challenges within the petroleum sector.

The challenges, according to the statement, have often hindered the full potential of Nigeria’s oil industry, particularly in relation to refining capacity and financial stability.

It added that the sale of crude to the local refineries in Naira is intended to support their operations and strengthen the domestic economy.

Edun, according to the statement, expressed optimism about the initiative, emphasising that the collective efforts of the parties  at the meeting would be crucial in ensuring its success.

“This ground-breaking initiative will empower local refineries, stimulate economic growth, and redefine our nation’s petroleum landscape,” he stated.

The statement partly reads:  “On Monday, the Honourable Minister of Finance and Coordinating Minister of the Economy, Wale Edun, led a key meeting aimed at implementing President Tinubu’s directive for the Nigerian National Petroleum Corporation Limited to sell crude oil to local refineries in Naira.

“This initiative is intended to strengthen the domestic economy and support the sustainable operations of local refineries, including the Dangote Refinery.