President Bola Tinubu is currently receiving a briefing from the Implementation Committee on Crude Oil and Refined Products Sales in Local Currency at the Aso Rock Presidential Villa, Abuja
The Minister of Finance, Mr Wale Edun, who chairs the committee, is leading the small delegation comprising the Chairman of Dangote Group, Aliko Dangote, and the Group CEO of the Nigerian National Petroleum Company Limited, Mr Mele Kyari.
In early October, the Federal Government began implementing a policy to sell crude oil to the Dangote Refinery in naira rather than U.S. dollars.
This followed the Federal Executive Council’s approval which, the FG says, will stabilize fuel prices domestically and strengthen Nigeria’s currency by cutting down on the need for dollars in crude oil transactions.
The move also allows the NNPC to supply crude oil in local currency, with Dangote’s refinery as the pilot for this strategy.
By trading in naira, the government aims to improve the availability of petroleum products and decrease import-related costs.
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