On July 30, Senator Mohammed Sani Musa expressed his admiration for President Bola Tinubu’s recent directive to the Nigerian National Petroleum Company Limited (NNPCL) to engage in crude oil transactions with Dangote Refinery using the Naira.
In a statement released in Abuja, Musa highlighted that this decision marks a significant step towards reducing Nigeria’s reliance on foreign currency.
He remarked, “I commend President Bola Ahmed Tinubu for his visionary and impactful choice to permit the sale of crude oil to domestic refineries in our local currency. This strategic initiative represents a crucial advancement in our nation’s pursuit of economic autonomy and stability.”
Musa emphasized that permitting transactions in Naira not only bolsters the currency but also minimizes dependence on foreign exchange. “This policy is expected to enhance the operational efficiency of our local refineries, thereby increasing domestic production and ensuring a steady and cost-effective supply of refined petroleum products for the Nigerian populace.”
He expressed hope that this initiative would empower the NNPCL, Dangote Refinery, and other local producers to leverage this opportunity to make their production processes more affordable, sustainable, and high-quality for the benefit of the nation.
“This decision underscores a strong commitment to promoting national development, supporting local industries, and ensuring that the wealth derived from our natural resources directly contributes to our economy. It demonstrates President Tinubu’s forward-thinking leadership and dedication to Nigeria’s prosperity,” he added.
Musa concluded his statement by praising the initiative and anticipating the positive changes it will bring to Nigeria’s economic framework. “Thank you, Mr. President, for your unwavering efforts to enhance Nigeria’s economic independence and growth.”
