The Naira-For-Crude Agreement with the refinery of Dangote continues indefinitely

The Nigerian government has declared that the Naira-For-Crude sales agreement with the refinery of Dangote and other local refineries, facilitated through the National Petroleum Company Nigerian, nnpcl, remains effective.

The technical subcommittee on the sale of raw and refined products in Naira Initiative gave this update in a statement on Wednesday after meeting the parties concerned on Tuesday.

The Committee clarified that the Naira-For-Crude Agreement was not a temporary or temporal intervention, but a key political directive designed to support sustainable local refining, support energy safety and reduce dependence on changes in the internal oil market.

He then reiterated that “the initiative remains in force and will continue as long as he aligns with public interest and supports national economic objectives”.

The technical subcommittee on the sale of raw and refined products in the Naira initiative has convened a update meeting on Tuesday to review progress and face the issues relating to the implementation in progress.

Parts of the declaration issued on account X of the Federal Federal Ministry of Wednesday recited: “The interested parties reiterated the continuous commitment of the government for the full implementation of this strategic initiative, as indicated by the Federal Executive Council (FEC).

“Therefore, the sales of raw and refined products in the Naira initiative are not a temporary or temporal intervention but a key political directive designed to support sustainable local refining, support energy safety and reduce dependence on changes in the internal oil market.”

The Committee added that the challenges found in the implementation of the Naira-For-Crude agreement are addressed through coordinated efforts.

“As with any important political change, the Committee recognizes that from time to time the implementation challenges could derive.

“However, these problems are actively addressed through coordinated efforts between all parties,” says the declaration.

The President of the Implementation Committee, Minister of Finance and Coordination of the Minister of Economy, Wale Edun participated in the meeting; the president of the technical subcommittee and executive president of the Federal Inland Revenue Service (FIRS), Mr. Zacch Adedeji; The Chief Financial Officer of NNPC Limited, Dapo Segun; the coordinator of the refineries nnpc; NNPC trading management and representatives of the oil refinery of dangar and petrochemicals.

High officials of the Oil regulation commission in Monte Nigerian (NUPRC), the Nigerian and Valley regulation authority (NMDPRA), the central bank of Nigeria (CBN), the authority of the Nigerian ports (NPA), representative of Afreximbank, as well as the secretary of the committee, Hauwa, in the presence of Eguals.

Recall that on March 19, Dangote Refinery suspended the sale of its oil products in Naira due to a stalemate in the Naira-For-Crude agreement.

The development later led to an increase in petrol prices in the last week. [Agency and other sources]