President Bola Ahmed Tinubu has met with members of the crude oil and refined products sales in local currency implementation committee.
The committee was led by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, to the State House, Abuja for the meeting.
Among those that met the President were the President of Dangote Group, Alhaji Aliko Dangote, the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPCL), Mr Mele Kyari; Chairman of the Federal Inland Revenue Service (FIRS), Dr Zacch Adedeji; and the Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso.
Others were the Authority’s Chief Executive (ACE) of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Mallam Farouk Ahmed; the Commission Chief Executive (CCE) of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mr Gbenga Komolafe.
Addressing journalists after the meeting, Edun said the meeting was to review the implementation of selling crude to local Refineries in naira, adding that the initiative by the President, was made possible by the bold investment of Dangote in Dangote Refinery.
He noted that all the stakeholders were committed to ensuring that the effort is sustained, and that whatever challenges in the initial steps is fully achieved.
Speaking with State House Correspondents, Dangote who is Africa’s richest man asked the Nigeria National Petroleum Company Limited (NNPCL) and marketers across the country to stop importation of fuel.
“What I estimated as our consumption daily is about 30-32 million litters, that one we can even start producing that by next week. That is not really an issue because as we speak today, we have 500 million liters in our tanks. With that even if there is no production anywhere or no import, that will take the country more than 12 days.
“We are very ready, we are more than ready and I am also putting my name on the line that we will be able to supply the market 30 million per day and we are ramping up, so we are ready.
“So I am expecting that the NNPCL and the marketers should stop importing, they should come and collect what they need. I don’t know if you understand what it means to keep half of billion liters in our tanks, it is costing me money.
“Everyday if I am to collect money I can charge 32 percent in interest. That is what I am losing, If they come and collect then you will not see any queue in the filling stations.”