We Won’t Reverse Sale Of Crude Oil To Dangote Refinery In Naira, Says Tinubu Gov’t
The Nigerian National Petroleum Company Limited (NNPCL) recently commenced the sale of crude oil in Naira to Dangote Refinery in Lagos State.
President Bola Tinubu’s government has stated that it does not intend to modify the policy that allows crude oil sales to the Dangote Refinery in Naira.
The Nigerian National Petroleum Company Limited (NNPCL) recently commenced the sale of crude oil in Naira to Dangote Refinery in Lagos State.
Bayo Onanuga, Special Adviser to the President on Information and Strategy in a press statement on Tuesday, quoted the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, as saying there is no plan to reverse the policy, during a review meeting at the State House on Tuesday.
The statement reads: “The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said the administration’s groundbreaking steps to sell crude in Naira would not be reversed, and the government would not be involved in determining the rate of exchange for the oil sector.
“The President and Chief Executive of Dangote Group told the President that the refinery had more than 500 million litres of fuel in reserve after supplying 400 million to the economy.
“He said the refinery could collaborate with the other refineries managed by NNPC Ltd to meet an estimated 32 million litres of local petrol needs.”
It noted that President Bola Tinubu, speaking at the meeting, commended the Implementation Committee on the Naira-based sales of crude oil and refined products and asked the members to resolve any teething problems.
The President said that using the Naira was conceived to remove the exchange rate hurdle.
“Whatever solution we proffer in crude oil and refined products sales in Naira should not take us back to our experience in the last 40 years.
“There can be cost and revenue adjustment in the oil sector, but the issue is that the government will not have to go back to the old way of doing things,” the President stated.
President Tinubu said the various players in the oil sector, including the Nigerian National Petroleum Corporation Ltd and the Dangote Refinery, should work to improve the economy and the livelihood of Nigerians.
