President Bola Tinubu has met wth the Implementation Committee on Crude Oil and Refined Products Sales in Local Currency.
According to reports, the meeting started a few hours ago and was held at the Aso Rock Presidential Villa in Abuja.
The meeting aims to solidify the recent policy shift allowing the sale of crude oil to the Dangote Refinery in naira instead of U.S. dollars, reported.
Key figures in attendance were the Minister of Finance, Mr. Wale Edun, who chairs the committee, leads a small delegation that includes Aliko Dangote, Chairman of Dangote Group, and Mr. Mele Kyari, Group CEO of the Nigerian National Petroleum Company Limited (NNPCL).
Members of the committee were seen arriving at the Council Chamber just after 2:00pm.
In early October, the Federal Government began implementing this new policy, which aims to stabilize domestic fuel prices and strengthen the Nigerian currency. By reducing reliance on dollars in crude oil transactions, the government believes it can enhance the availability of petroleum products and decrease costs associated with imports. The Dangote Refinery is set to be the pilot project for this initiative.
The Federal Government expects this approach to reduce foreign exchange demands by up to 40 percent, supported by key institutions like the Central Bank of Nigeria and AfreximBank.
Details later…
