Following the directive of President Bola Ahmed Tinubu for the Nigeria National Petroleum Company Ltd (NNPC) to sell crude to local refineries in naira, a Technical Sub-Committee tasked with developing the framework for the sale of crude oil to local refineries in naira has been set up.
The committee was inaugurated yesterday by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun in his office in Abuja.
Speaking, Edun stated that the initiative, aligns with the presidential directive, aimed at revolutionising the energy sector by reducing reliance on crude oil exports and fostering local expertise.
The inauguration took place following a stakeholders meeting where government officials and representatives of local refineries, including the Dangote Refinery, gathered to discuss the implementation of this strategic directive.
The committee, which includes the Permanent Secretary of the Federal Ministry of Finance, Mrs. Lydia Shehu Jafiya, the Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr Zacch Adedeji as well as representatives from the Nigerian National Petroleum Corporation Limited (NNPCL), Central Bank of Nigeria (CBN), Afrexim Bank, Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has the critical role of crafting a robust template that will ensure the successful implementation of the initiative.
In his remarks during the inauguration, Edun emphasised that this initiative is part of a broader strategy to position Nigeria as a refining hub, which will significantly boost the economy through the reduction of reliance on crude oil exports and fostering local expertise in the energy sector.
While commending the members of the committee for their dedication and anticipated contributions, the Minister urged them to work diligently in order to meet the expectations set by the presidential directive.
He reiterated that the ultimate goal is to transform Nigeria’s energy sector into one that is self-reliant and globally competitive.