By Barth Ikiebe in Abuja.
The Technical Sub-Committee on the Crude and Refined Product Sales in Naira initiative has reaffirmed the government’s commitment to the full implementation of this strategic initiative, as directed by the Federal Executive Council (FEC).
It stated that the Crude and Refined Product Sales in Naira initiative is a key policy directive designed to support sustainable local refining, bolster energy security, and reduce reliance on foreign exchange in the domestic petroleum market.
At a meeting of the committee in Abuja on Wednesday, it reviewed progress and addressed ongoing implementation matters.
The Committee acknowledged that implementation challenges may arise from time to time. However, such issues are being actively addressed through coordinated efforts among all relevant parties. “The initiative remains in effect and will continue for as long as it aligns with the public interest and supports the national economy”.
The meeting was attended by the Chairman of the Implementation Committee, the Finance and Coordinating Minister of the Economy, Mr. Wale Edun; the Chairman of the Technical Sub-Committee and Executive Chairman of the Federal Inland Revenue Service, (FIRS), Dr. Zach Adedeji; the Chief Financial Officer of NNPC Limited, Mr. Dapo Segun; the Coordinator of NNPC Refineries; Management of NNPC Trading; representatives of Dangote Petroleum Refinery and Petrochemicals; and senior officials from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Central Bank of Nigeria (CBN), the Nigerian Ports Authority (NPA), representative of Afreximbank, as well as the Secretary of the Committee, Hauwa Ibrahim.
The meeting underscored the government’s commitment to the Crude and Refined Product Sales in Naira initiative, a strategic move expected to have a lasting impact on Nigeria’s economy, fostering growth, stability, and self-sufficiency. This bold step positions Nigeria for success in the years to come.
