FG Sets Up Committee On Naira Crude Oil Sale
The Federal Government has inaugurated the Technical Sub-Committee tasked with developing the framework for the sale of crude oil to local refineries in Naira.
The initiative, he said aligned with the presidential directive, aimed at revolutionizing the energy sector by reducing reliance on crude oil exports and fostering local expertise.
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 this strategic directive.
In his remarks during the inauguration, Mr. Edun emphasised that the initiative was part of a broader strategy to position Nigeria as a refining hub, which would significantly boost the economy through the reduction of reliance on crude oil exports and fostering local expertise in the energy sector.
The Minister urged members of the committee to work diligently in order to meet the expectations set by President Bola Tinubu.
He reiterated that the ultimate goal was to transform Nigeria’s energy sector into a self-reliant and globally competitive one.
Members of the committee, under the leadership of Mr. Edun, included the Permanent Secretary of the Federal
Ministry of Finance, Mrs. Lydia Shehu Jafiya and the Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr Zacch Adedeji.
Representatives of the Nigerian National Petroleum Corporation Limited (NNPCL), Central Bank of Nigeria (CBN), Afrexim Bank, Nigerian Upstream Petroleum Regulatory Commission (NUPRC) were also part of the committee.
It was charged crafting a template that would ensure the successful implementation of the initiative.
