…assures Nigerians of uninterrupted products supply
The Federal Government has clarified that there will be no suspension of the Naira-for-crude oil initiative, simultaneously assuring Nigerians of an uninterrupted supply of refined petroleum products nationwide.
The assurance follows a high-level meeting of the Steering Committee of the Domestic Crude Oil and Refined Products Sales in Local Currency Initiative, chaired by the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, in Abuja yesterday.
The committee’s discussions addressed two key recent concerns: a widely circulated, but now amicably resolved, purported suspension of the local currency crude arrangement involving the Dangote Refinery, and issues raised by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) regarding the same refinery.
Following the review, the committee emphatically reaffirmed the continuity of the crude oil for the Naira initiative.
Furthermore, it gave a strong assurance that all outstanding matters, notably the dispute between PENGASSAN and the Dangote Refinery, are being addressed urgently and in good faith.
The Federal Government underscored its commitment, stating it is “fully committed to ensuring energy security, protecting consumers, and maintaining stability in the domestic petroleum products market.”
In attendance were key stakeholders, including the Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, the Chairman of the Federal Inland Revenue Service (FIRS), Mr. Zacch Adedeji, and representatives from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Nigerian National Petroleum Company (NNPC) Ltd., the Central Bank of Nigeria (CBN), Afreximbank, and the Dangote Refinery.