Breaking: Wale Edun Speaks After Tinubu’s Meeting With Dangote, Others

President Bola Ahmed Tinubu has met with the crude oil and refined products sales in local currency implementation committee to assess progress on using naira for crude sales to local refineries.

The committee, led by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, convened at the State House, Abuja, for the strategic review on Tuesday.

Speaking to journalists after the meeting, Edun explained that the discussion focused on implementing the President’s directive to transition crude oil sales to local refineries using naira, a move made feasible by the establishment of the Dangote Refinery.

He credited the initiative to President Tinubu’s commitment to reducing Nigeria’s foreign exchange dependency and highlighted Dangote’s investment as pivotal to its success.

Edun affirmed that all stakeholders, including the Nigerian National Petroleum Company Limited (NNPCL), the Central Bank of Nigeria (CBN), and regulatory bodies, are committed to ensuring the plan’s success, addressing any initial challenges, and sustaining the new approach.

The policy aims to stabilize the naira and support economic resilience in the face of ongoing foreign exchange constraints.

Among those that met the President were the President of Dangote Group, Alhaji Aliko Dangote, the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPCL), Mr Mele Kyari; Chairman of the Federal Inland Revenue Service (FIRS), Dr Zacch Adedeji; and the Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso.

Others were the Authority’s Chief Executive (ACE) of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Mallam Farouk Ahmed; the Commission Chief Executive (CCE) of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mr Gbenga Komolafe.