Domestic Crude Oil Sale Initiative: Tinubu’s Strategic Move Pays Off

President Bola Tinubu’s directive to sell crude oil and refined products in Naira to domestic refiners has achieved significant success.

The Chairman of the Technical Sub-Committee, Zacch Adedeji, commended the One-Stop-Shop (OSS) team, led by the Nigerian Ports Authority (NPA), for ensuring smooth operations when he visited the NPA HQ on Thursday.

Adedeji, who is also the Executive Chairman of the Federal Inland Revenue Service (FIRS), thanked the team for “playing a pivotal role in the successful implementation of the presidential directive.”

Adedeji recognized the initiative as a pioneering effort and a significant achievement, reflecting the team’s commitment and patriotism.

He said: “Thus, we encourage you to maintain the hard work and dedication that has made this initiative a success.

“We also extend our gratitude to all participating agencies for their invaluable cooperation and support. Thank you for your outstanding teamwork and service to the nation.”

According to Adedeji, the decision to sell crude oil in Naira is expected to save Nigeria an estimated $7.3 billion annually.

The success of this initiative has resulted in several benefits, including saving losses running into billions of Naira, guaranteeing national energy security, deepening the balance of trade, and creating jobs.

Additionally, it has sustainably put an end to the scarcity of petroleum products and the excruciating queues that characterized the yuletide season.

The Managing Director of the Nigerian Ports Authority (NPA), Dr. Abubakar Dantsho, said the FIRS chairman’s commendation would spur the team to do more in advancing the initiative.

He also thanked the Minister of Marine and Blue Economy, Mr. Adegboyega Oyetola, and Adedeji for their support and leadership.

The OSS team, which comprises members from various agencies, including the Nigerian Maritime Administration and Safety Agency (NIMASA), the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), and Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has played a crucial role in the success of the initiative.