President Bola Ahmed Tinubu said the market must determine what his government is doing to achieve its ‘Renewed Hope’ agenda
The Nigerian leader stated that once stakeholders in the oil and gas industry allow the market to decide the profit and loss, independent marketers and the government side can meet on the worksheet
Tinubu explained that Nigeria can have energy security, “and the motivation for Alhaji Aliko Dangote will not be defeated” . …CONTINUE READING
President Bola Tinubu on Tuesday, October 29, received a briefing from the implementation committee on the ‘Naira-based sales of crude oil and refined product sales’ led by Wale Edun, the minister of finance and coordinating minister of the economy
The president’s latest directive comes on a day news emerged that the Nigerian National Petroleum Company Limited (NNPCL) increased the price of petrol across its retail outlets.
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NNPCL increased fuel price to N1,025 in Lagos and N1,050 in Abuja.
In a review meeting at the State House on Tuesday, October 29, President Tinubu stated that using the naira was conceived to remove the exchange rate hurdle.
The president said: “Whatever solution we proffer in crude oil and refined products sales in naira should not take us back to our experience in the last 40 years. “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."
Furthermore, Tinubu asked the various players in the oil sector — including the NNPCL and the Dangote Refinery — to 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. According to him, this would enable the channelling of foreign exchange into the development of the real sector.
