The Minister of Finance and Coordinating Minister of the Economy, Wale Edun has officially inaugurated a technical sub-committee to develop the framework for crude oil sale to local refineries in Naira.
This initiative aligns with the recent directive by President Bola Tinubu to enhance Nigeria’s refining capacity and promote economic growth.
A post on the ministry’s official X handle on Wednesday noted that the inauguration occurred following a stakeholders meeting where government officials and representatives of local refineries, including the Dangote Refinery, gathered to discuss the implementation details of this strategic directive.
The committee members include the Permanent Secretary of the Ministry of Finance, Mrs. Lydia Jafiya; the Executive Chairman, Federal Inland Revenue Service, Dr Zacch Adedeji; representatives from the Nigerian National Petroleum Corporation Limited, among others.
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Edun highlighted the committee’s critical role in crafting a robust template that would ensure the successful implementation of the initiative.
He emphasised that “this initiative is part of a broader strategy to position Nigeria as a refining hub, which will significantly boost the economy by reducing reliance on crude oil exports and fostering local expertise in the energy sector.”
Edun commended the committee members for their dedication and anticipated contributions, urging them to work diligently to meet the expectations set by the presidential directive.
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