Newnaija 
President Tinubu approved the crude oil sale in naira initiative as part of his government’s efforts to stimulate economic growth and self-sufficiency in the long term.
The Nigerian government has officially commenced the sales of crude oil and refined petroleum products in naira to Dangote Refinery and other indigenous refining companies.
This is according to a statement by the Director of Information and Public Relations in the Ministry of Finance, Mohammed Manga, on Saturday, October 4, 2024.
The statement quoted the Minister of Finance and Coordinating Minister of the Economy, Wale Edun as saying that the sale of the products in naira commenced on October 1, in line with the Federal Executive Council (FEC) directive.
“Following a meeting of the Implementation Committee, Chaired by the Honourable Minister of Finance and Coordinating Minister of the Economy to conduct a post-commencement review of the Crude Oil and Refined Products Sales in Naira initiative, the commencement of this strategic initiative was affirmed by key stakeholders.
“The meeting brought together prominent figures, including the Honourable Minister of State, Petroleum (Oil), the Special Adviser to the President on Revenue, the Special Adviser to the President on Energy, the Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the representative of the Chairman of Dangote Group, the Vice President of Dangote Group, and the management of the Nigerian National Petroleum Company (NNPC), led by the Group Chief Executive Officer (GCEO), Chief Financial Officer (CFO), and Executive Vice President (Downstream),” the statement read partly.
