On Tuesday, President Bola Tinubu praised the Implementation Committee for their work on the Naira-based sales of crude oil and refined products, urging them to address any initial issues. During a review meeting at the State House in Abuja, he highlighted that using the Naira aims to eliminate exchange rate challenges.
The President emphasized that any solutions for Naira sales of crude oil and refined products should avoid repeating the past 40 years’ experiences. He acknowledged potential cost and revenue adjustments in the oil sector but stressed that the government must not revert to old practices.
He called on key players like the Nigerian National Petroleum Corporation Ltd. (NNPCL) and Dangote Refinery to enhance the economy and improve Nigerians’ livelihoods. The President encouraged stakeholders to focus on supplying sufficient petrol and petroleum products locally to reduce dependency on imports, thereby redirecting foreign exchange towards developing the real sector.
President Tinubu also recommended using Afreximbank as a settlement bank for Naira pricing of crude and refined products, with Afreximbank already serving as the financial adviser. He asserted that market forces should determine profits and losses, allowing independent marketers and the government to align on financial matters.
He urged for a swift resolution to these issues to avoid future delays, emphasizing the importance of energy security and the predictability of investments like those of Alhaji Aliko Dangote.
Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, affirmed that the administration’s innovative approach to selling crude in Naira would continue, with the government refraining from setting exchange rates.
