Naira-Based Oil Sales Policy Gains Momentum
By Patience Ikpeme
The Technical Sub-Committee overseeing the sale of crude oil and refined petroleum products in Naira has restated its unified dedication to the successful and smooth implementation of the policy.
This initiative remains a vital element of President Bola Tinubu’s comprehensive strategy aimed at strengthening the Naira, bolstering energy security, and encouraging local value addition within the petroleum sector.
A statement released by the Ministry of Finance indicated that the committee convened on Friday for a meeting chaired by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun.
According to the statement, “The session reviewed implementation milestones and recorded notable progress since the last engagement.”
The Coordinating Minister of the Economy Wale Edun expressed his satisfaction with the ongoing collaboration among various agencies and partners and assured that further updates would be provided in due course.
Attendees at the meeting included the Executive Chairman of the Federal Inland Revenue Service and Chairman of the Technical Sub-Committee, Mr. Zacch Adedeji; the Special Adviser to the President on Energy, Ms. Olu Verheijen; as well as senior representatives from the Nigerian National Petroleum Company Limited (NNPCL), local refining operators, and key regulatory bodies such as the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and the Nigerian Ports Authority (NPA).
