Senate Committee on Finance chair applauds Tinubu over crude oil sales to Dangote Refinery

Chairman, of the Senate Committee on Finance, Sani Musa, has commended President Bola Tinubu for approving the sale of crude oil to Dangote Refinery and other local refineries.

He said in Kano on Tuesday that the strategic move was a milestone in the nation’s journey toward economic self-sufficiency and stability.

Mr Musa said, “I would like to commend President Bola Ahmed Tinubu, GCFR, for his forward-thinking and impactful decision to approve the sale of crude oil to local refineries in Nigeria using the naira. By allowing transactions in our local currency, this policy not only strengthens the naira but also reduces our dependency on foreign exchange. This will likely lead to increased efficiency within our local refineries, boost domestic production and ensure a more consistent and affordable supply of refined petroleum products for all Nigerians.’’

He expressed hope that the move would enable the NNPC Ltd, Dangote Refinery and all domestic producers to seize the opportunity to make their business decisions.

Mr Musa said that the decision would reflect on production, affordability, sustainability and quality for the good of the country.

He also said the decision would echo a deep commitment to fostering national growth, supporting local industries, and ensuring that wealth generated from the nation’s natural resources benefited the economy directly.

“It is a testament to Mr President’s visionary leadership and dedication to the prosperity of our country. I applaud this initiative and look forward to witnessing the positive impact it will undoubtedly have on our nation’s economic landscape. Thank you, Mr President, for your continued efforts to advance Nigeria’s economic independence and development,” Mr Musa said.

Recall that the Presidency on Monday announced that Mr Tinubu had approved the sale of crude to Dangote Refinery and other local refineries.

“To ensure the stability of the pump price of refined fuel and the dollar-naira exchange rate, the Federal Executive Council today adopted a proposal by President Tinubu to sell crude to Dangote Refinery and other upcoming refineries in naira,’’ Bayo Onanuga, Tinubu’s aide on Information and Strategic said on his verified X (formerly Twitter) account .

(NAN)