Market News

BY  Abdulwahab Isa

Stakeholders driving crude and refined product sales in naira initiative have reaffirmed their commitment to the effective and seamless execution of the policy.

They renewed the pledge on Friday in Abuja at a follow-on meeting of the technical sub-committee chaired by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, a statement issued by the Director of information in the ministry Mohammed Manga said.

They affirmed that the policy remains a critical component of President Bola Tinubu’s broader strategy to strengthen the naira, enhance energy security, and promote local value addition within the sector.

The session reviewed implementation milestones and recorded notable progress since the last engagement. The meeting was attended by the Executive Chairman of the Federal Inland Revenue Service and Chairman of the Technical Sub-Committee, Mr. Zacch Adedeji; the Special Adviser to the President on Energy, Ms. Olu Verheijen; as well as senior representatives of the Nigerian National Petroleum Company Limited (NNPCL), local refining operators, and key regulatory institutions including the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and the Nigerian Ports Authority (NPA).

Stakeholders reaffirmed their shared commitment to the effective and seamless execution of the policy, which remains a critical component of President Bola Tinubu’s broader strategy to strengthen the Naira, enhance energy security, and promote local value addition within the sector.

The Coordinating Minister of the Economy commended the continued collaboration across agencies and partners and will provide further updates in due course.