Naira Crude Sales policy implementation underway -FG

The Naira Crude Oil Sales directive issued by President Bola Tinubu is being implemented by the federal government.

In order to fine-tune the implementation, government revenue authorities and important business players met yesterday in Abuja with Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy.

The Permanent Secretary of the Ministry, Mrs. Lydia Jafiya, met this afternoon to strategize the implementation of the policy with the Minister of State for Petroleum (Oil), Mr. Heineken Lokpobiri, and the Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mr. Mele Kyari, according to a statement made by Mr. Mohammed Manga, Director of Information and Public Relations of the Ministry.

The meeting was also attended by the Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji, to brief the gathering on the revenue implications of the policy.

Mr. Edun was said to have expressed optimism that the initiative would empower local refineries, stimulate economic growth and redefine the nation’s Petroleum landscape.

President Bola Tinubu had recently directed the NNPCL to sell crude oil to local refineries in Naira.

There has been a major controversy between NNPCL and the Dangote Group over alleged attempts to frustrate the smooth operation of the $20 billion Dangote Refinery in Lagos.

However, the NNPCL and other government agencies in the Oil sector have denied any deliberate attempt to frustrate the Dangote Refinery.

This initiative aims at strengthening

the domestic economy as well as supporting the sustainable operations of local refineries, including the Dangote Refinery is expected to impact the performance of the Naira at the foreign exchange market.

Demand for foreign exchange to import petroleum products was said to be in the region of 25 per cent of the market demand.

The Naira Crude Sales initiative marks a significant milestone in Nigeria’s journey towards economic prosperity.