The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has officially inaugurated a technical sub-committee to develop the framework for crude oil sale to local refineries in Naira.

This initiative aligns with the recent directive by President Bola Tinubu to enhance Nigeria’s refining capacity and promote economic growth.

According to a post on the ministry’s official X handle, the inauguration occurred following a stakeholders meeting where government officials and representatives of local refineries, including the Dangote Refinery, gathered to discuss the implementation details of this strategic directive.

The committee members include the Permanent Secretary of the Ministry of Finance, Lydia Jafiya; the Executive Chairman, Federal Inland Revenue Service, Dr Zacch Adedeji; representatives from the Nigerian National Petroleum Corporation Limited, among others.

In his remarks, the finance minister highlighted the critical role of the committee in crafting a robust template that would ensure the successful implementation of the initiative.

Edun commended the members of the committee for their dedication and anticipated contributions, urging them to work diligently to meet the expectations set by the presidential directive.

He further said the ultimate goal is to transform Nigeria’s energy sector into one that is self-reliant and globally competitive.

Recall that on Monday, the finance minister convened a stakeholders meeting to ensure a hitch-free implementation of President Bola Tinubu’s directive for the sale of crude to local refineries in naira.

The Federal Executive Council had on July 29 okayed President Tinubu’s proposal for NNPC to halt the sale of crude oil to local refineries in foreign currency.