President Bola Tinubu met with members of the crude oil and refined products sales in local currency implementation committee at the Presidential Villa, Abuja, on Monday. The meeting, aimed at assessing progress on the initiative to ease foreign exchange pressures, was led by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
Key participants included Nigerian National Petroleum Company Limited (NNPCL) Group Chief Executive Officer Mele Kyari, Central Bank of Nigeria (CBN) Governor Yemi Cardoso, Federal Inland Revenue Service (FIRS) Chairman Dr. Zacch Adedeji, and Nigerian Upstream Petroleum Regulatory Commission (NUPRC) Chief Executive Gbenga Komolafe.
Also in attendance were the Authority Chief Executive (ACE) of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Mallam Farouk Ahmed, and Alhaji Aliko Dangote, President of the Dangote Group.
The committee briefed Tinubu on the implementation of the administration’s policy to sell crude oil to local refiners, including Dangote Refinery, in naira rather than foreign currency. This initiative, announced on July 29, aims to stabilize the economy by reducing reliance on foreign exchange markets.
The meeting reflects the government’s push to support domestic refining and reduce Nigeria’s vulnerability to currency fluctuations.
