Finance Minister Inaugurates Sub-Committee on Naira-Based Crude Sales
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has inaugurated the Technical Sub-Committee tasked with developing the framework for the sale of crude oil to local refineries in Naira.
This initiative aligns with the recent presidential directive aimed at enhancing Nigeria’s refining capacity and promoting economic growth.
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 of the directive, the Ministry said on its X handle.
The committee includes the Permanent Secretary of the Ministry of Finance, Mrs. Lydia Jafiya, the Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr Zacch Adedeji as well as representatives from the Nigerian National Petroleum Corporation Limited (NNPCL), Central Bank of Nigeria (CBN), Afrexim Bank, Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
In his remarks, the Minister highlighted the critical role of the committee in crafting a robust template that will ensure the successful implementation of the initiative.
He emphasised that this initiative is part of a broader strategy to position Nigeria as a refining hub, which will significantly boost the economy by reducing reliance on crude oil exports and fostering local expertise in the energy sector.
In closing, HM 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. He further reiterated that the ultimate goal is to transform Nigeria’s energy sector into one that is self-reliant and globally competitive.
