The Steering Committee of the Domestic Crude Oil
and Refined Products Sales in Local Currency Initiative met earlier today
to review developments in Nigeria’s downstream oil sector and reaffirm the
federal government’s commitment to energy security.
The meeting, chaired by the Minister of Finance and
Coordinating Minister of the Economy, Mr. Wale Edun, addressed two major
concerns: the reported suspension of the Naira-for-crude oil arrangement by
Dangote Refinery—which has now been amicably resolved—and issues raised by
the Petroleum and Natural Gas Senior Staff Association of Nigeria
(PENGASSAN) regarding the refinery.
Key Stakeholders Present
Attendees included the Minister of Budget and
Economic Planning, Senator Abubakar Atiku Bagudu, the FIRS Chairman, Mr.
Zacch Adedeji (who also chairs the Technical Committee), as well as
representatives from the Nigerian Midstream and Downstream Petroleum
Regulatory Authority (NMDPRA), NNPC Ltd., Central Bank of Nigeria
(CBN), Afreximbank, and the Dangote Refinery.
FG Assures No Disruption in Fuel Supply
The committee emphasized that there will be no
disruption in the supply of refined petroleum products across the country.
It also reaffirmed that the crude oil-for-naira initiative will continue
without interruption.
Furthermore, the committee assured that all
outstanding issues—particularly the dispute between PENGASSAN and Dangote
Refinery—are being handled with urgency and in good faith.
Government’s Commitment
The federal government reiterated its full commitment
to ensuring energy security, protecting consumers, and maintaining stability
in the domestic petroleum products market.
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