President Tinubu Commends Naira-Based Oil Sales Initiative, Urges Swift Resolution of Initial Hurdles.

Written on 30/10/2024
Daily Nigerian

During a meeting with the Naira-based Crude Oil and Refined Products Sales Implementation Committee at the State House, President Bola Tinubu applauded the team for their progress and encouraged quick solutions to any initial challenges.

Tinubu emphasized that the shift to Naira sales aims to bypass the foreign exchange limitations that have hindered Nigeria’s economy for decades.

He called for a long-term approach that avoids repeating past mistakes from the last 40 years, underscoring the importance of the Naira-based system in promoting economic resilience.



“There can be cost and revenue adjustment in the oil sector, but the issue is that the government will not have to go back to the old way of doing things,” the President stated.

He said the various players in the oil sector, including the Nigerian National Petroleum Corporation Ltd., NNPCL, and the Dangote Refinery, should work to improve the economy and the livelihood of Nigerians.

The President urged stakeholders to look inward and consider supplying enough petrol and petroleum products for local consumption to stop the persistent reliance on importation.

He said this would enable the channeling of foreign exchange into the development of the real sector.

Source