August 13, 2024

Following President Bola Tinubu’s directive for the Nigerian National Petroleum Corporation Limited (NNPC Ltd), to sell crude oil to local refineries in naira, the Minister of Finance, Wale Edun, has met with key stakeholders in the oil and gas sector.

The Finance Ministry made the disclosure in a post on X, saying the meeting was held on Monday in Abuja.

The initiative according to the ministry is intended to strengthen the domestic economy and support the sustainable operations of local refineries, including the Dangote Refinery.

“On Monday, the Honourable Minister of Finance and Coordinating Minister of the Economy, Wale Edun, led a key meeting aimed at implementing President Tinubu’s directive for the Nigerian National Petroleum Corporation Limited to sell crude oil to local refineries in Naira,” the post read.

“This initiative is intended to strengthen the domestic economy and support the sustainable operations of local refineries, including the Dangote Refinery.

During the in-depth discussions, the Finance Minister expressed strong confidence in the collaborative efforts of all stakeholders to achieve the directive’s objectives.

Those in attendance included: The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, Group Chief Executive Officer of NNPCL, Mele Kyari, Executive Chairman of the Federal Inland Revenue Service, Dr Zacch Adedeji, and the Permanent Secretary of the Ministry of Finance, Lydia Jafiya.