Edun, Lokpobiri, Kyari meet on NNPCL crude oil sales in naira

The Minister of Finance, Mr. Wale Edun, led a strategic meeting on Monday to discuss the implementation of President Bola Tinubu’s directive for the Nigerian National Petroleum Corporation Limited (NNPCL) to sell crude oil to local refineries in Naira.

President Tinubu’s directive is aimed at strengthening the domestic economy and supporting the sustainable operations of local refineries.

The Federal Government has directed NNPCL to sell crude oil to local refineries in Naira as part of this effort.

The directive, issued by President Tinubu, is a significant departure from the traditional practice of selling crude oil in foreign currency.

The move is expected to boost the domestic economy by reducing the pressure on foreign exchange and supporting the growth of local industries.

Meanwhile, the Monday meeting brought together key stakeholders in the petroleum sector, including the Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri, and the Group Chief Executive Officer of NNPCL, Mele Kyari.

According to information posted on X account of the Federal Ministry of Finance, the meeting underscored the longstanding challenges within the petroleum sector and the need for collaborative efforts to achieve the directive’s objectives.

Mr Edun expressed strong confidence in the ability of all stakeholders to work together to achieve the desired outcome.

The initiative is expected to benefit local refineries, including the Dangote Refinery, by providing them with access to crude oil in Naira.

This will reduce their reliance on foreign exchange and support their sustainable operations.

NIGERIAN TRIBUNE