President Tinubu Lauded for Decision to Sell Crude Oil to Local Refineries in Naira

President Bola Ahmed Tinubu has received commendations for his strategic decision to facilitate the sale of crude oil to local refineries in Nigeria using the domestic currency, the Naira. This policy shift is aimed at promoting economic self-sufficiency and stability.

Senator Sani Musa, Chairman of the Nigerian Senate Committee on Finance, praised the move during a telephone interview. He emphasized that this initiative is a significant step towards strengthening the Naira, reducing dependency on foreign exchange, and increasing efficiency in local refineries.

“By conducting transactions in the local currency, the policy strengthens the Naira, reduces dependence on foreign exchange, and increases efficiency in local refineries,” Senator Musa said. “This is expected to boost domestic production, ensuring a consistent and affordable supply of refined petroleum products for Nigerians.”

Senator Musa expressed optimism that President Tinubu’s bold decision will enable the Nigerian National Petroleum Corporation (NNPC), Dangote Refinery, and other domestic producers to take advantage of the opportunity to make their businesses more affordable, sustainable, and of higher quality for the benefit of the country.

“The decision reflects President Tinubu’s commitment to fostering national growth, supporting local industries, and ensuring that the wealth generated from natural resources benefits the economy directly,” he added.

This policy is anticipated to have a positive impact on the Nigerian economy by bolstering domestic production and ensuring a stable supply of refined petroleum products, ultimately benefiting the Nigerian people.

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