Members of the local currency implementation committee for the sale of crude oil and processed goods are now meeting with President Bola Tinubu.

The Finance Minister and Coordinating Minister of the Economy, Mr. Wale Edun, led the group to the State House in Abuja for the meeting.

The Nigerian National Petroleum Company Limited (NNPCL) Group Chief Executive Officer (GCEO), Mr. Mele Kyari; Dr. Zacch Adedeji, Chairman of the Federal Inland Revenue Service (FIRS); and Mr. Yemi Cardoso, Governor of the Central Bank of Nigeria (CBN), are among those present at the meeting.

Additionally present are Mr. Gbenga Komolafe, the Commission Chief Executive (CCE) of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mallam Farouk Ahmed, the Authority’s Chief Executive (ACE) of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), and Alhaji Aliko Dangote, President of the Dangote Group.

It was learnt that the committee’s purpose for the current meeting was to update President Tinubu on the status of the arrangement, which the Tinubu government devised to alleviate the economy’s strain from foreign money.

Remember that on July 29 of this year, President Tinubu ordered the NNPCL to start selling crude oil to Dangote Refinery and other nearby refineries.

Although specifics of the committee’s briefings to the president are still unknown, it is thought that President Tinubu wants to stay up to date on industry advancements.

Zacch Adedeji, Special Adviser to the President on Revenue, announced the initiative’s launch at the conclusion of a Federal Executive Council (FEC) meeting, stating that its primary goal was to lessen the economic burden caused by foreign exchange.

“The President sent a message to the Federal Executive Council today encouraging local refineries and the Nigeria National Petroleum Corporation (NNPC) to sell crude oil in our local currency.

“The President of Nigeria has a mindset that involves thinking creatively and locally to address the country’s issues.

Through the Council, he gave his approval for NNPC to begin working with local refineries immediately, and we are doing so with Dangote Refinery. That Dangote Refinery’s sales of crude oil be made in Naria, and that the refinery’s sales of its byproducts to distributors be made in Naira.

What does our economy stand to gain from this? First, there will be less strain on foreign exchange,” he stated.

AFREXIM Bank was chosen as the pilot settlement bank to handle the transactions as part of the deployment.