Minister of Finance and Coordinating Minister of the Economy, Wale Edun,

has officially inaugurated a technical sub-committee tasked with developing

the framework for the sale of crude oil to local refineries in naira.

He said, the initiative aligns with the recent presidential directive aimed at

enhancing Nigeria’s refining capacity and promoting economic growth,

adding that, the crude oil supply to domestic refineries has been an issue for

months, particularly since the multi-billion dollar Dangote Petroleum

Refinery came on board, adding that, the domestic crude oil refiners,

including the $21billion dollars Dangote refinery, have repeatedly

complained about the poor supply of crude to their plants.

They have also called for the sale of crude oil in naira due to the difficulty in

accessing the United States dollar and the fluctuation of the local currency

against the dollar, while, in a post on the finance ministry’s official X handle,

the ministry stated on Wednesday that the technical sub-committee had

been inaugurated to help tackle these concerns, adding that, the

inauguration took place following a stakeholders’ meeting where government

officials and representatives of local refineries, including the Dangote

refinery, gathered to discuss the implementation details of this strategic

directive.

The committee members include the Permanent Secretary of the Ministry of

Finance, Lydia Jafiya; Executive Chairman of the Federal Inland Revenue

Service, Dr Zacch Adedeji; as well as representatives from the Nigerian

National Petroleum Corporation Limited, Central Bank of Nigeria,

AfreximBank, and the Nigerian Upstream Petroleum Regulatory Commission,

while, the finance minister highlighted the critical role of the committee in

crafting a robust template that would ensure the successful implementation

of the initiative.

Edun commended the members of the committee for their dedication and

anticipated contributions, urging them to work diligently to meet the

expectations set by the presidential directive, adding that, the ultimate goal

is to transform Nigeria’s energy sector into one that is self-reliant and

globally competitive, while, the finance minister convened a stakeholders

meeting to ensure a hitch-free implementation of President Bola Tinubu’s

directive for the sale of crude to local refineries in naira.