The Federal Government has set up the Technical Sub-Committee charged with developing the framework for the sale of crude oil to local refineries in naira.
While inaugurating the committee on Thursday in Abuja, the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, said the initiative aligned with the presidential directive, aimed at revolutionising the energy sector by reducing reliance on crude oil exports and fostering local expertise.
The inauguration took place amid a stakeholders meeting where government officials and representatives of local refineries, including the Dangote Refinery, gathered to discuss the implementation of this strategic directive.
Edun, in his remarks during the inauguration, stressed that the initiative was part of a broader strategy to position Nigeria as a refining hub, which would significantly boost the economy through the reduction of reliance on crude oil exports and fostering local expertise in the energy sector.
The minister urged members of the committee to work diligently to meet the expectations set by President Bola Tinubu.
He reiterated that the ultimate goal is to transform Nigeria’s energy sector into a self-reliant and globally competitive one.
Members of the committee, under the leadership of Mr Edun, included the Permanent Secretary of the Federal Ministry of Finance, Mrs Lydia Shehu Jafiya and the Executive Chairman of the Federal Inland Revenue Service, FIRS, Dr Zacch Adedeji.
Representatives of the Nigerian National Petroleum Corporation Limited, Central Bank of Nigeria, Afrexim Bank, and Nigerian Upstream Petroleum Regulatory Commission were also part of the committee.
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