President Bola Tinubu commended the committee responsible for overseeing Naira-based transactions for crude oil and refined products, urging its members to address any initial implementation challenges. During a meeting at the State House, Tinubu emphasized that the transition to Naira sales aims to eliminate exchange rate obstacles, as stated by his spokesman, Bayo Onanuga.

“Any solutions we devise for crude oil and refined product sales in Naira should avoid repeating the mistakes of the last 40 years,” Tinubu remarked. He stressed the importance of avoiding a return to past practices in the oil sector, asserting that the government will not revert to outdated methods.

The President called on industry leaders, including the Nigerian National Petroleum Corporation Ltd (NNPCL) and Dangote Refinery, to focus on boosting the nation’s economy and enhancing the quality of life for citizens through increased local fuel production. He encouraged them to ensure a reliable supply for domestic consumption, thereby reducing reliance on imports and allowing foreign exchange to be redirected to the development of the real sector.

Tinubu suggested using Afreximbank as a settlement bank to facilitate Naira-based pricing for crude and refined products, stating, “The market must determine what we are doing.” He expressed a desire for prompt resolution of issues and underscored the importance of long-term energy security.

Finance Minister Wale Edun reiterated the government’s commitment to Naira-based oil sales, highlighting that this policy represents a permanent shift, with the administration refraining from intervening in the exchange rate within the oil sector.

Alhaji Aliko Dangote, Chairman of Dangote Group, informed Tinubu that his refinery currently has over 500 million liters of fuel in reserve and has supplied 400 million liters to the domestic market. He noted that his refinery could collaborate with NNPC-managed refineries to meet Nigeria’s daily fuel requirement of approximately 32 million liters.

Zach Adedeji, Chairman of the Federal Inland Revenue Service and head of the technical committee, stated that the importation of refined products should cease once Nigeria achieves self-sufficiency, adding, “The vision of Mr. President is to turn Nigeria into a hub for refined products for global export.”

The meeting also included key figures such as Afreximbank President Prof. Benedict Oramah, Minister of Budget and National Planning Senator Abubakar Atiku Bagudu, NNPC Ltd Managing Director Mele Kyari, and Presidential Special Adviser on Energy Olu Verheijen, among others.