The Federal Government has reaffirmed its commitment to uninterrupted supply of refined petroleum products in the country, with the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, taking the lead in steering discussions to strengthen stability in the downstream oil sector.
Chairing the meeting of the Steering Committee of the Domestic Crude Oil and Refined Products Sales in Local Currency Initiative earlier today, Mr. Edun addressed recent concerns in the sector, notably the purported suspension of the Naira-for-crude oil arrangement by the Dangote Refinery—which has since been amicably resolved—as well as issues raised by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN).
Alongside Mr. Edun were key government officials and industry stakeholders, including the Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu; the Chairman of the Federal Inland Revenue Service (FIRS), Mr. Zacch Adedeji, who also chairs the Technical Committee; representatives of the Nigerian Midstream and Downstream Petroleum Regulatory Authority; Nigerian National Petroleum Company (NNPC) Ltd.; the Central Bank of Nigeria (CBN); Afreximbank; and the Dangote Refinery.
Under Mr. Edun’s leadership, the committee reaffirmed that there will be no disruption in the supply of refined petroleum products nationwide. It also clarified that the crude oil-for-Naira initiative remains firmly in place. Furthermore, the committee assured Nigerians that all outstanding issues, particularly the dispute between PENGASSAN and the Dangote Refinery, are being handled with urgency and in good faith.
Mr. Edun underscored the Federal Government’s unwavering resolve to safeguard energy security, protect consumers, and sustain stability in the domestic petroleum products market.
