Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, has convened a significant stakeholder meeting to implement President Bola Tinubu’s directive for the Nigerian National Petroleum Corporation Limited (NNPCL) to sell crude oil to local refineries in Naira.
The meeting, which took place on Monday at the Finance Ministry’s headquarters in Abuja, included key figures such as the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, NNPCL’s Group Chief Executive Officer, Mele Kyari, the Executive Chairman of the Federal Inland Revenue Service, Dr. Zacch Adedeji, and the Permanent Secretary of the Ministry of Finance, Mrs. Lydia Jafiya.
The Ministry shared a post on its official X (formerly Twitter) page, stating that this initiative is aimed at strengthening the domestic economy and supporting the sustainable operation of local refineries, including the Dangote Refinery.
The post 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.”
In the discussions, the finance minister expressed strong confidence in the collaborative efforts of all stakeholders to achieve the directive’s objectives. The meeting addressed longstanding challenges in the petroleum sector, highlighting the importance of working together to meet these goals.
President Tinubu had previously directed NNPCL to sell crude oil to the Dangote Refinery and other emerging refineries in Naira as part of an effort to stabilize fuel prices and the dollar-naira exchange rate. The Federal Executive Council approved that 450,000 barrels intended for domestic consumption be sold in Naira, with the Dangote Refinery serving as the pilot.
Reports indicate that the Dangote Refinery currently requires 15 cargoes of crude oil, amounting to $13.5 billion annually. NNPCL has committed to supplying four cargoes.
Efforts to obtain additional details from the Finance Ministry were unsuccessful, as the Director of Press, Mohammed Manga, did not respond to calls.
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News Editor