President Bola Tinubu is currently engaged in discussions with the committee overseeing the implementation of crude oil and refined products sales in local currency. This committee is led by Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, and convened at the State House in Abuja. Notable attendees include Mr. Mele Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL); Dr. Zacch Adedeji, Chairman of the Federal Inland Revenue Service (FIRS); and Mr. Yemi Cardoso, the Governor of the Central Bank of Nigeria (CBN).

Other key figures at the meeting include Mallam Farouk Ahmed, the Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA); Mr. Gbenga Komolafe, the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC); and Alhaji Aliko Dangote, President of the Dangote Group.

The primary purpose of this meeting is for the committee to update President Tinubu on the progress made regarding a new initiative introduced by his administration aimed at alleviating foreign exchange pressures on the national economy. This initiative involves the sale of crude oil to local refiners, including the Dangote Refinery, a directive given by President Tinubu on July 29 of this year.

While specific details from the committee’s briefing have not yet been disclosed, the meeting is significant as it demonstrates the President’s commitment to staying informed about developments within the oil sector. Zacch Adedeji, the Special Adviser to the President on Revenue, previously announced this initiative during a Federal Executive Council (FEC) meeting. He emphasized that the primary objective of this measure is to mitigate foreign exchange challenges facing the economy by promoting transactions in local currency between NNPCL and local refineries. This strategic approach is intended to strengthen the domestic market and enhance the country’s economic stability.