FG meets with NNPC on sale of Crude to Local Refineries in Naira

The Federal Government has moved to ensure a hitch-free implementation of President Bola Ahmed Tinubu’s directive for the sale of crude to local refineries in Naira by meeting with the Nigerian National Petroleum Corporation Limited (NNPCL) Group Managing Director Mele Kyari and relevant stakeholders.
The other stakeholders from various sectors involved in the petroleum and financial industries at the meeting included Heineken Lokpobiri, minister of State for Petroleum Resources (Oil); Zacch Adedeji, executive chairman, Federal Inland Revenue Service (FIRS); and Lydia Jafiya, permanent secretary, Ministry of Finance.
The meeting which was convened by Minister of Finance and Coordinating Minister of the Economy Wale Edun, took place in the Finance Ministry in Abuja on Monday.
Federal Executive Council had on July 29 okayed President Tinubu’s proposal for NNPCL to halt the sale of crude oil to local refineries in foreign currency.
It (FEC) which approved that 450,000 barrels for domestic consumption be sold to the refineries in Naira, said the decision was to stabilise pump price of refined fuel and the dollar-naira exchange rate.
A statement by Mohammed Manga, director of Information and Public Relations in the Finance Ministry, said Edun and the stakeholders engaged in in-depth discussions aimed at addressing the longstanding challenges within the petroleum sector.
The challenges, according to the statement, have often hindered the full potential of Nigeria’s oil industry, particularly in relation to refining capacity and financial stability.
It added that the sale of crude to the local refineries in Naira is intended to support their operations and strengthen the domestic economy.
Edun, according to the statement, expressed optimism about the initiative, emphasising that the collective efforts of the parties at the meeting would be crucial in ensuring its success.
‘’During the in-depth discussions, the finance minister expressed strong confidence in the collaborative efforts of all stakeholders to achieve the directive’s objectives.
“The in-depth discussions underscored longstanding challenges within the petroleum sector, but the Minister expressed strong confidence in the collaborative efforts of all stakeholders to achieve the directive’s objectives.”

Source: the nationonlineng.net

EntekHub.com

All Author Posts