Tinubu's govt meets with Dangote officials, shares important position on naira-for-crude

• The Bola Tinubu-led national authorities connected Tuesday, April 9, said its naira-for-crude inaugural with section refineries is inactive successful effect
• The FG said the inaugural volition proceed immediately—overruling the determination of the the Nigerian National Petroleum Company Limited (NNPCL) nether its erstwhile boss, Mele Kyari
• Legit.ng reports that the authorities stated that the inaugural is not a impermanent measurement but a “key argumentation directive designed to enactment sustainable section refining”

Legit.ng writer Ridwan Adeola Yusuf has implicit 9 years of acquisition covering governance.

FCT, Abuja - The Bola Tinubu-led national authorities has said the naira-for-crude lipid woody volition proceed aft the archetypal signifier ends connected Monday, March 31.

As reported by Channels Television connected Wednesday, April 9, the national authorities said its naira-for-crude inaugural with section refineries is not a impermanent measurement but a “key argumentation directive designed to enactment sustainable section refining”.

The ministry of concern announced aft a gathering betwixt the method sub-committee connected the crude and refined merchandise income successful naira initiative, Wale Edun, curate of finance, and Zacch Adedeji, the president of the committee and the enforcement president of the Federal Inland Revenue Service (FIRS).

Also astatine the gathering are representatives of Dangote Petroleum refinery and Dapo Segun, the main fiscal serviceman of Nigerian National Petroleum Company (NNPC) Limited, the coordinator of NNPC refineries; absorption of NNPC Trading; and elder officials from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

Legit.ng reports that substance is captious to Nigeria's economy, with lipid accounting for a ample information of exports and authorities revenue, but the state faces challenges owed to reliance connected substance imports and caller substance subsidy removal, impacting businesses and mundane life.

In January 2023, the Dangote refinery began processing crude into diesel, naphtha, pitchy fuel, and gasoline successful September 2023.

The ministry of concern said:

“The stakeholders reaffirmed the government’s continued committedness to the afloat implementation of this strategical initiative, arsenic directed by the Federal Executive Council (FEC).“Thus, the Crude and Refined Product Sales successful Naira inaugural is not a impermanent oregon time-bound intervention, but a cardinal argumentation directive designed to enactment sustainable section refining, bolster vigor security, and trim reliance connected overseas speech successful the home petroleum market.“As with immoderate large argumentation shift, the Committee acknowledges that implementation challenges whitethorn originate from clip to time.”

Read much contented connected substance successful Nigeria:

• Protesting Itsekiri youths unopen down lipid installation successful Delta, video trends
• Fuel hike forces Adamawa residents to trek arsenic businesses collapse
• Oil cartels reportedly liable for hike successful petrol prices by Dangote Refinery

N930/litre: New substance prices expected astatine NNPC, others

Earlier, Legit.ng reported that oil marketers said that petrol prices astatine the pump successful Nigeria would trim and bring a consciousness of alleviation to motorists paying implicit N930 per litre.

The prediction followed planetary crude prices plummeting to $63 per tube connected Tuesday, April 8.

The enforcement caput of the Major Energies Marketers Association of Nigeria (MEMAN), Clement Isong, expressed sedate concerns astir the economical implications of this downturn.

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Source: Legit.ng