Finance Minister Holds Meeting with Mele Kyari, Other Stakeholders Over Naira Crude Oil Sales

The Honorable Minister of Finance and Coordinating Minister of the Economy, Wale Edun, is spearheading a high-level stakeholder meeting to implement an exciting new directive from President Bola Tinubu.

The directive calls for the Nigerian National Petroleum Corporation Limited (NNPCL) to sell crude oil to local refineries in Naira, a move that is poised to strengthen Nigeria’s domestic economy and support the sustainable operations of these vital local industries, including the Dangote Refinery.

On Monday, the Minister convened a meeting with key players, including the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, the Group Chief Executive Officer of NNPCL, Mele Kyari, the Executive Chairman of the Federal Inland Revenue Service, Dr. Zacch Adedeji, and the Permanent Secretary of the Ministry of Finance, Mrs. Lydia Jafiya.

This meeting is a clear testament to the government’s unwavering commitment to driving economic progress and empowering domestic industries. The ministry’s official X (formerly Twitter) page shared the news, highlighting the enthusiasm and optimism surrounding this initiative.

This transformative move is set to boost the domestic economy and provide unwavering support for the sustainable operations of local refineries, delivering a win-win scenario for businesses and the Nigerian people alike.

Overall, the energy and positivity radiating from this meeting are truly inspiring, as the government takes decisive steps to strengthen Nigeria’s economic foundation and unlock new opportunities for growth and prosperity.

The meeting was marked by a sense of optimism and collaboration as key stakeholders in the petroleum and finance sectors gathered to discuss the President’s directive. Minister of State for Petroleum Heineken Lokpobiri, NNPCL Group Chief Executive Officer Mele Kyari, Federal Inland Revenue Service Executive Chairman Dr. Zacch Adedeji, and Ministry of Finance Permanent Secretary Mrs. Lydia Jafiya were among the notable participants. During the in-depth discussions, the Finance Minister expressed a strong and infectious confidence in the ability of all stakeholders to work together effectively to achieve the directive’s objectives.

Recall that on July 29th, President Bola Tinubu issued a directive for the Nigerian National Petroleum Company Limited to sell crude oil to Dangote Refinery and other upcoming refineries in Naira. This move was met with great enthusiasm, as it was seen as a significant step towards ensuring the stability of the pump price of refined fuel and the dollar-naira exchange rate. The Federal Executive Council’s approval to offer the 450,000 barrels meant for domestic consumption in Naira to Nigerian refineries, using the Dangote refinery as a pilot, was hailed as a positive and proactive decision.

Findings show that Dangote Refinery, which has been facing a crude oil supply crisis with the International Oil Companies operating in Nigeria, will now receive a commitment from NNPC to supply four out of the 15 cargoes of crude it requires yearly, amounting to $13.5 billion.

The meeting was filled with a sense of excitement and optimism as the stakeholders collaborated to find solutions that would benefit the nation’s economy and its citizens. The participants expressed their eagerness to work together towards the successful implementation of the President’s directive, confident that these efforts would lead to tangible and positive outcomes for the petroleum sector and the country as a whole.