President Bola Tinubu on Tuesday, held discussions with the committee overseeing the implementation of crude oil and refined product sales in local currency, a strategic move to ease foreign exchange (FX) pressures on the Nigerian economy.
The meeting, held at the State House in Abuja, had a delegation led by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
Those who attended the meeting include the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPCL), Mr Mele Kyari; the Chairman of the Federal Inland Revenue Service (FIRS), Dr Zacch Adedeji; and the Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso.
Also in attendance 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; as well as the President of Dangote Group, Alhaji Aliko Dangote.
According to Vanguard, the meeting was scheduled for the committee to brief President Tinubu on the arrangement’s progress, which the Tinubu administration improvised to relieve the pressure of foreign exchange on the economy.
Recall that President Tinubu directed the NNPCL to commence crude oil sales to Dangote Refinery and other local refiners on July 29 this year.
