The Coalition of Northern Groups (CNG) has expressed enthusiastic support for the Federal Government’s recent policy shift allowing crude oil sales to domestic refineries in naira, moving away from the traditional US dollar transactions.
The CNG views this decision as a pivotal advancement for Nigeria’s economy and currency, promoting greater self-reliance in oil production.
On April 20, 2024, the CNG, represented by its national coordinator, Comrade Jamilu Aliyu Charanchi, urged the government to facilitate crude oil sales in naira to local refineries, highlighting the significant benefits this change would bring to the Nigerian economy.
The statement emphasized that selling crude oil to the Dangote Refinery in naira could lead to lower fuel prices and provide substantial economic advantages to millions of Nigerians. “This pragmatic solution will have a positive ripple effect across the nation,” stated the CNG.
The organization believes that this new approach will enhance transparency, strengthen local capabilities, support the naira’s value, and ensure a steady supply of affordable fuel.
In a recent statement, Comrade Charanchi declared that the Federal Executive Council’s directive to the Nigerian National Petroleum Company (NNPC) Ltd to conduct crude oil transactions in naira marks a significant validation of the CNG’s advocacy efforts.
The CNG expressed optimism that this shift would help eliminate the artificial fuel shortages often manipulated by importers.
The group commended President Bola Tinubu for this decisive policy change, viewing it as a mutually beneficial arrangement for both Nigeria and its refineries.
Moreover, the CNG called on the President to tackle the challenges impeding the revival of state-owned refineries in Kaduna, Port Harcourt, and Warri, asserting that restoring these facilities would foster competition among local refiners and provide Nigerians with quality, affordable fuel.
“The solution to Nigeria’s fuel crisis lies in local refining to eliminate dollar dependency in this process,” the statement asserted.
To effectively resolve the ongoing fuel issues, the CNG stressed the necessity of revitalizing and modernizing the refineries to meet local demands, thereby dismantling the import-driven fuel crisis perpetuated by a select few importers.
The CNG urged the Federal Government to maintain this progress and continue enacting policies that prioritize the interests of Nigeria.
Additionally, the group underscored the importance of ongoing operations at the Kolmani oil well in the Bauchi-Gombe region, advocating for relentless efforts to harness its potential for national development.
The CNG highlighted that increasing domestic crude oil production is essential for ensuring national security and fostering economic growth.
