Minister of finance and coordinating minister of the economy Wale Edun has met with minister of state for petroleum resources (oil), Senator Heineken Lokpobiri, and others in a bid to implement President Bola Tinubu’s directive for the Nigerian National Petroleum Corporation (NNPC) Limited to sell crude oil to local refineries in naira.
Group chief executive officer of NNPC, Mele Kyari, executive chairman of the Federal Inland Revenue Service (FIRS) Zacch Adedeji, and the permanent secretary of the Ministry of Finance, Lydia Jafiya, were also at the meeting held on Monday at the Finance Ministry headquarters in Abuja.
The ministry said in a post that the initiative is intended to strengthen the domestic economy and support the sustainable operations of local refineries, including the Dangote Refinery.
The post read, “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.
“The meeting brought together important stakeholders, including Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, Group Chief Executive Officer of NNPCL, Mele Kyari, Executive Chairman of the Federal Inland Revenue Service, Dr. Zacch Adedeji, Permanent Secretary of the Ministry of Finance, Mrs. Lydia Jafiya, and other notable participants.”
During the in-depth discussions, the finance minister expressed strong confidence in the collaborative efforts of all stakeholders to achieve the directive’s objectives.
President Bola Tinubu, on July 29, directed the NNPC to sell crude oil to Dangote Refinery and other upcoming refineries in Naira.
The Federal Executive Council approved that the 450,000 barrels meant for domestic consumption be offered in naira to Nigerian refineries, using the Dangote refinery as a pilot.
The move is to ensure the stability of the pump price of refined fuel and the dollar-naira exchange rate.
