Sen. Musa lauds Tinubu’s decision to boost local refineries with naira-based crude oil sales

By Aminu Ahmed

Senator Sani Musa, Chairman of the Senate Committee on Finance, has praised President Bola Ahmed Tinubu’s decision to allow the sale of crude oil to local refineries in Nigeria using Naira.

Musa in a telephone interview on Tuesday that the move is seen as a significant step towards economic self-sufficiency and stability.

By conducting transactions in the local currency, the policy strengthens the Naira, reduces dependence on foreign exchange, and increases efficiency in local refineries.

This is expected to boost domestic production, ensuring a consistent and affordable supply of refined petroleum products for Nigerians.

Senator Musa hopes that this decision will enable the NNPC, Dangote Refinery, and other domestic producers to take advantage of the opportunity to make their business decisions more affordable, sustainable, and qualitative for the country’s benefit.

The decision reflects President Tinubu’s commitment to fostering national growth, supporting local industries, and ensuring that the wealth generated from natural resources benefits the economy directly.

Senator Musa applauds this initiative and looks forward to its positive impact on Nigeria’s economic landscape.