Tinubu, Dangote, others in talks over naira-for-crude policy

President Bola Tinubu is currently having a meeting with the Implementation Committee on Crude Oil and Refined Products Sales in Local Currency.

The briefing is taking place at the Aso Rock Presidential Villa, Abuja.

And it is being led by The Minister of Finance, Mr Wale Edun, who chairs the committee, which has the Chairman of Dangote Group, Aliko Dangote, and the Group CEO of the Nigerian National Petroleum Company Limited, Mr Mele Kyari.

The committee members were spotted arriving at the Council Chamber at minutes last 02:00 pm.

In early October, the Federal Government began implementing a policy to sell crude oil to the Dangote Refinery in naira rather than U.S. dollars.

This followed the Federal Executive Council’s approval which, the FG says, will stabilize fuel prices domestically and strengthen Nigeria’s currency by cutting down on the need for dollars in crude oil transactions.

The move also allows the NNPC to supply crude oil in local currency, with Dangote’s refinery as the pilot for this strategy.

By trading in naira, the government aims to improve the availability of petroleum products and decrease import-related costs.

The Dangote Refinery, which requires significant crude supplies annually, is expected to reciprocate by providing petrol and diesel in naira, simplifying currency transactions and lessening the economic strain of fuel imports.