Details Emerged: Tinubu, Dangote And Top Officials Chart New Course To End Petrol Imports

Details Emerged: Tinubu, Dangote And Top Officials Chart New Course To End Petrol Imports

On Tuesday, President Bola Tinubu met with the Implementation Committee on Naira-based crude oil sales at Aso Rock Villa, Abuja. The meeting included prominent figures such as Aliko Dangote, owner of Dangote Refinery, Finance Minister Wale Edun, and other top government officials and stakeholders.…….CONTINUE READING 

During the discussion, President Tinubu urged the committee to address any lingering challenges in implementing the Naira-based sales policy for crude and refined products. He assured attendees that Nigeria would not revert to outdated practices in the oil sector.

Presidential spokesperson Bayo Onanuga shared details, noting that Tinubu emphasized using Naira for crude sales to bypass foreign exchange obstacles. “There can be cost and revenue adjustments, but the government will not revert to old methods,” Tinubu stated.

He advised stakeholders, including the Nigerian National Petroleum Corporation (NNPC) Ltd and Dangote Refinery, to collaborate on boosting the economy and meeting local petrol needs to reduce import dependency. The President also suggested that Afreximbank serve as the settlement bank for Naira-based transactions.

In his remarks, Dangote confirmed the refinery’s readiness with a reserve of over 500 million liters of fuel. Other key attendees included Finance Minister Wale Edun, FIRS Chairman Zach Adedeji, Afreximbank President Prof. Benedict Oramah, NNPC’s Group Managing Director Mele Kyari, and more.