President Tinubu Praises Naira-Based Oil Sales Committee, Urges Resolution Of Initial Challenges

President Bola Tinubu praised the Implementation Committee for naira-based sales of crude oil and refined products and encouraged members to address any initial issues.

During a review meeting on Tuesday at the State House in Abuja, the president explained using naira was intended to eliminate problems related to exchange rates.

"Whatever solution we proffer in crude oil and refined products sales in Naira should not take us back to our experience in the last 40 years," Tinubu said, as per the official statement shared on X. "There can be cost and revenue adjustment in the oil sector, but the issue is that the government will not have to go back to the old way of doing things."

He said that players in the oil sector, such as the Nigerian National Petroleum Corporation Ltd. (NNPCL) and the Dangote Refinery, should work to improve the economy and the lives of Nigerians.

The president encouraged stakeholders to focus on providing enough petrol and petroleum products for local use to reduce the ongoing need for imports. He mentioned that this would allow foreign exchange to be directed toward developing the real sector.

Tinubu also advised stakeholders to use Afreximbank as a settlement bank to manage naira pricing for crude and refined products. Afreximbank is already involved as the financial adviser.

"The market must determine what we are doing. Once you allow the market to determine the profit and loss, independent marketers and the government side can meet on the worksheet," he said. "I want the issues resolved without future waste of time."

The president said that energy security was achievable and that Alhaji Aliko Dangote's motivation will not be affected. He added that energy supply will become more predictable in the medium and long term.

Zach Adedeji, the chairman of the Federal Inland Revenue Service and head of the technical committee, noted that importing refined products should stop once Nigeria can produce enough to meet its domestic needs.

He said that the president's vision was to make Nigeria a hub for refined products to export to the world.

President and Chairman of the Board of Afreximbank Benedict Oramah, Minister of Budget and National Planning Abubakar Atiku Bagudu and Group Managing Director of NNPC Limited Mele Kyari were also present during the meeting.