News
FG begins sale of crude oil, refined petroleum products in naira
Nigeria has officially commenced the sale of crude oil and refined petroleum products in Naira.
A statement from the Ministry of Finance yesterday said the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, announced that the implementation of this a significant initiative, approved by the Federal Executive Council (FEC), started on October 1, 2024.
Speaking after a post-commencement review meeting, chaired by the Minister, Edun disclosed that key stakeholders had assured of the commencement of this strategic initiative.
The review meeting was held to assess the progress of the “Crude Oil and Refined Products Sales in Naira” initiative, and the consensus reached highlighted the government’s commitment to seeing the plan through.
“The sale of crude oil and refined products in Naira has officially begun as directed by the Federal Executive Council. This initiative marks a bold step towards economic sustainability and currency stability,” Edun stated.
Last month, the Technical Sub-Committee on Domestic Sales of Crude Oil in Local Currency revealed that President Bola Ahmed Tinubu had given the green light for crude oil to be sold to local refineries in Naira. This decision, according to the committee, will also apply to the purchase of petroleum products.
According to the committee, from October 1, 2024, the Nigerian National Petroleum Company (NNPC) commenced the supply of approximately 385,000 barrels per day (bpd) of crude oil to the Dangote Refinery, with payments made in Naira. This partnership is expected to reshape Nigeria’s oil and gas landscape, as the Dangote Refinery, located in Lekki, Lagos, is Africa’s largest oil refining facility, valued at over $20 billion.
The government had previously outlined that this initiative would reduce pressure on the Naira, eliminate unnecessary transaction costs, and ensure a steady supply of petroleum products across the country. This innovative approach is expected to improve the country’s macroeconomic indicators, including foreign exchange reserves.
Chairman of the technical committee and FIRS boss, Zacch Adedeji, had earlier explained that under the initiative, crude oil would be sold to the Dangote Refinery in exchange for refined petroleum products such as Premium Motor Spirit (PMS) and diesel. These products would then be supplied to the domestic market for distribution, with payments also made in Naira.
“Diesel will be sold in Naira by the Dangote Refinery to any interested off-taker, while PMS will only be sold to NNPC, which will then distribute it to various marketers,” Adedeji explained. Additionally, all regulatory costs associated with the operation, including fees for the Nigerian Ports Authority (NPA) and the Nigerian Maritime Administration and Safety Agency (NIMASA), will be paid in Naira.
In a bid to ensure a seamless implementation of the initiative, a one-stop shop is being established to coordinate services from regulatory bodies, security agencies, and other stakeholders involved in the process.
The meeting, which solidified the operational framework, brought together notable figures including the Minister of State for 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), representatives of the Dangote Group, and top management of the NNPC, led by the Group Chief Executive Officer (GCEO).
This strategic initiative, introduced by President Bola Ahmed Tinubu’s administration, is poised to have far-reaching impacts on Nigeria’s economy. As the country navigates the challenges of global energy markets, the naira-for-crude plan is seen as a critical step in fostering economic growth, stability, and self-sufficiency. It is expected to reduce the nation’s reliance on foreign exchange transactions for crude oil sales, ultimately positioning Nigeria for long-term success in the global energy landscape.
President Bola Tinubu has departed Galeao Air force Basa (SBGL) Airport, Rio de Janeiro, Brazil, on Saturday, for Abuja after attending the 19th G20 Leaders Summit in Rio de Janeiro, Brazil.
The President is due to arrive at the Presidential Wing of Nnamdi Azikiwe International Airport, Abuja, at 10.00 p.m. (Nigerian time).
President Tinubu had attended the G20 Leaders summit where he endorsed the global alliance against hunger and poverty, which he said was pivotal.
The President also held bilateral talks with Kristalina Georgieva, the Managing Director of the International Monetary Fund (IMF), who commended his administration’s economic reforms and their positive indicators.
He also presided over the signing of a 2.5 billion dollar Letter of Intent between the Nigerian government and the JBS S.A., a Brazilian company and one of the top three largest meat processing companies in the World.
The president was accompanied in the trip by senior government officials including the minister of foreign affairs yusuf Tuggar, the national security adviser, Nuhu RIBADU and many others.
In commemoration of this year’s International Day for the Elimination of Violence Against Women, the House of Representatives will lead a landmark march on Monday, November 25, 2024, along with other strategic activities as part of its unwavering commitment to eradicating gender-based violence (GBV) in Nigeria.
This was contained in a statement issued by the HoR spokesperson, Rotimi Akin, Jr on Saturday.
According to him the march, which starts at 8:00 AM, will bring together over 1,000 participants – including Representatives and members of the public – on a symbolic walk from the National Assembly to the Headquarters of the Nigeria Police Force.
This demonstration of solidarity will culminate in the submission of a petition to the Inspector General of Police, demanding decisive action to safeguard vulnerable populations and ensure accountability for perpetrators of GBV.
“This march and the associated activities are not just symbolic gestures, they reflect our resolve and call to action against gender-based violence head-on,” said Hon. Abbas Tajudeen,, Speaker of the House of Representatives.
“We stand united in the fight to protect the rights and dignity of all Nigerians, especially the most vulnerable. Together, through collective action and legislative reforms, we can build a society where safety, justice, and equality prevail.”
Beyond the march, the 10th House of Representatives in alignment with its Legislative Agenda (2023 – 2027) has outlined *key activities to sustain awareness and action throughout the 16 Days of Activism:*
1. *Sash Demonstration Ceremony* – Tuesday, November 26, 2024
Members of the House will don orange sashes, symbolising solidarity with the fight against GBV, during plenary sessions throughout the campaign period.
2. *Convergence of State Assembly Speakers* – Monday, December 9, 2024
A strategic meeting at the Transcorp Hilton, Abuja, will bring together Speakers of State Houses of Assembly to discuss legislative strategies for combating GBV nationwide.
3. *National Citizens’ Summit and GBV Conference 2024 -* Tuesday, December 10, 2024
This summit will conclude the 16 Days of Activism with discussions on constitutional reforms and securing endorsements for gender equality initiatives championed by the House.
The House of Representatives invites all Nigerians to *participate in this historic march on Monday, November 25, 2024.* Participants will receive orange T-shirts—the official colour of the United Nations campaign to end violence against women—symbolising hope for a future free of violence.
*Details of the March:*
• *Date:* Monday, November 25, 2024
• *Time:* 8:00 AM
• *Starting Point:* Speaker’s Car Park, National Assembly
• *End Point:* Nigeria Police Force (NPF) Headquarters
Gender-based violence continues to devastate families and communities across Nigeria. The 10th House of Representatives however, remains steadfast in driving systemic reforms, fostering collaboration, and championing accountability to address this pervasive issue.
Together, let us take a decisive stand for justice, equality, and the protection of human rights, paving the way for a safer, more equitable Nigeria.
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