President Bola Ahmed Tinubu is currently being briefed by the Implementation Committee on Crude Oil and Refined Products Sales in Local Currency at the Aso Rock Presidential Villa, Abuja.
Chaired by Finance Minister Wale Edun, the committee includes Aliko Dangote, Chairman of Dangote Group, and Mele Kyari, Group CEO of the Nigerian National Petroleum Company Limited (NNPC).
According to The PUNCH, the committee members arrived at the Council Chamber shortly after 2:00 pm.
This briefing follows the Federal Government’s October policy shift to sell crude oil to the Dangote Refinery in naira rather than U.S. dollars, a move approved by the Federal Executive Council.
The FG aims to stabilize domestic fuel prices and strengthen Nigeria’s currency by reducing reliance on dollars in oil transactions.
Under this policy, the NNPC is authorized to supply crude oil in naira, beginning with the Dangote Refinery as the pilot facility.
The government anticipates that local currency transactions will enhance the availability of petroleum products and decrease costs associated with imports.
The Dangote Refinery, which requires extensive crude oil supplies annually, is expected to reciprocate by offering petrol and diesel in naira, thereby simplifying currency exchanges and alleviating the financial strain of fuel imports.
According to government estimates, the policy could reduce foreign exchange (FOREX) demands by up to 40 percent, with support from institutions such as the Central Bank of Nigeria and AfreximBank.
However, challenges have arisen. In September, a pricing dispute emerged between NNPC and Dangote Refinery, with NNPC alleging it paid N898 per litre for petrol from Dangote—a figure Dangote representatives called “misleading,” citing unresolved pricing terms.
Today’s meeting may see President Tinubu stepping in to mediate this ongoing dispute, as both parties look to finalize terms under the new local currency trading framework.
