FG Inaugurates Technical Sub-Committee on Crude Sales to Local Refineries in Naira

Ndubuisi Francis in Abuja

The federal government has inaugurated a Technical Sub-Committee tasked with developing the framework for the sale of crude oil to local refineries in naira.
The body chaired by the Minister of Finance and Coordinating Minister of the Economy,  Mr. Wale Edun comprises the Permanent Secretary, Federal Ministry of Finance, Mrs. Lydia  Shehu Jafiya; Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji as well as representatives from the Nigerian National Petroleum Company Limited (NNPCL), Central Bank of Nigeria (CBN), Afrexim Bank, Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
It has the critical role of crafting a robust template that will ensure the successful implementation of the initiative.

While inaugurating the committee, Thursday in Abuja, Edun stated that the initiative aligns with the presidential directive, aimed at revolutionizing the energy sector by reducing reliance on crude oil exports and fostering local expertise.
The inauguration followed a meeting of  stakeholders on Tuesday where government officials and representatives of local refineries, including the Dangote Refinery, met to discuss the implementation of the strategic directive.

A statement issued by the Director, Information and Public Relations, Moahmmed Manga quoted Edun as
emphasising at the sub-committee’s inauguration that the crude sales in naira initiative is part of a broader strategy to position Nigeria as a refining hub, which will significantly boost the economy through the reduction of reliance on crude oil exports and fostering local expertise in the energy sector.
While commending the members of the committee for their dedication and anticipated contributions, the minister urged them to work diligently in order to meet the expectations set by the presidential directive.

He reaffirned that the ultimate goal was to transform Nigeria’s energy sector into one that is self-reliant and globally competitive.
According to the statement, with the inauguration of the Technical Sub-Committee under the minister’s leadership , Nigeria is poised to witness a transformative shift in its energy landscape, especially with the task on the body to craft a robust framework for a naira-based crude sales, paving the way for a self-reliant and globally competitive energy sector.

“As the nation embarks on this strategic journey, the ultimate goal of boosting economic growth, reducing poverty, and enhancing refining capacity is within reach.
“Thus, the Committee’s diligent work will be instrumental in unlocking Nigeria’s full potential, and their contributions will be pivotal in shaping a brighter future for generations to come,” the statement said.