Wale Edun, the Minister of Finance held a high-level meeting with stakeholders to execute President Bola Tinubu’s directive for the Nigerian National Petroleum Corporation Limited, NNPCL, to sell crude oil to local refineries in Naira.

This meeting, which took place on Monday at the Finance Ministry headquarters in Abuja, included the Minister of State for Petroleum Resources, Senator Heineken Lokpobiri; the Group Chief Executive Officer of NNPCL, Mele Kyari; the Executive Chairman of the Federal Inland Revenue Service, Zacch Adedeji; and the Permanent Secretary of the Ministry of Finance, Lydia Jafiya, Naija News reports.

As stated in a post on the ministry’s official X account, this initiative aims to bolster the domestic economy and ensure the sustainable functioning of local refineries, including the Dangote Refinery.

The post read, “On Monday, the Honourable Minister of Finance and Coordinating Minister of the Economy, Wale Edun, led a key meeting aimed at implementing President Tinubu’s directive for the Nigerian National Petroleum Corporation Limited to sell crude oil to local refineries in Naira.

“The meeting brought together important stakeholders, including Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, Group Chief Executive Officer of NNPCL, Mele Kyari, Executive Chairman of the Federal Inland Revenue Service, Dr. Zacch Adedeji, Permanent Secretary of the Ministry of Finance, Mrs. Lydia Jafiya, and other notable participants.”

Throughout the comprehensive discussions, the finance minister conveyed a robust assurance in the joint endeavours of all parties involved to fulfil the goals outlined in the directive.

“The in-depth discussions underscored longstanding challenges within the petroleum sector, but the Minister expressed strong confidence in the collaborative efforts of all stakeholders to achieve the directive’s objectives,” the post added.

On July 29th, President Bola Tinubu instructed the Nigerian National Petroleum Company Limited to sell crude oil to Dangote Refinery and other emerging refineries in Naira.

The Federal Executive Council sanctioned the sale of 450,000 barrels designated for domestic use in Naira to Nigerian refineries, with the Dangote refinery serving as a pilot project.

This initiative aims to stabilize the pump price of refined fuel and the exchange rate between the dollar and the naira.
Current assessments indicate that Dangote Refinery requires 15 cargoes of crude oil, amounting to $13.5 billion annually, while NNPC has pledged to supply four cargoes.

The Dangote refinery has faced challenges regarding crude oil supply with the International Oil Companies operating in Nigeria and has also encountered disputes with the country’s midstream and downstream regulatory bodies.