The Federal Government has reaffirmed its commitment to ensuring a consistent supply of refined petroleum products nationwide, following a meeting of the Steering Committee of the Domestic Crude Oil and Refined Products Sales in Local Currency Initiative.
Chaired by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, the meeting addressed recent concerns in the downstream oil sector, including a reported suspension of the Naira-for-crude oil arrangement with Dangote Refinery, which has now been resolved amicably.
The committee also discussed issues raised by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) regarding the refinery.
Attendees included the Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu; the Chairman of the Federal Inland Revenue Service (FIRS), Mr. Zacch Adedeji, who chairs the Technical Committee; and representatives from the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Nigerian National Petroleum Company (NNPC) Ltd., Central Bank of Nigeria (CBN), Afreximbank, and Dangote Refinery.
The committee assured Nigerians that there will be no disruption in the supply of petroleum products.
The government reiterated that the Naira-for-crude initiative will continue as planned. It also pledged to urgently resolve outstanding disputes, particularly between PENGASSAN and Dangote Refinery, in good faith.
The Federal Government emphasized its dedication to ensuring energy security, protecting consumers, and maintaining stability in the domestic petroleum market.
