Northern Groups Hail Sell Of Crude Oil In Naira To Dangote, Others

The Coalition of Northern Groups (CNG), has welcomed the federal government’s decision to sell crude oil in naira to domestic refineries as against earlier arrangement of payment in the US dollar.

In a statement by the national coordinator, CNG, Comrade Jamilu Aliyu Charanchi and made available to journalists in Abuja, Wednesday, the group viewed the decision as a positive step towards strengthening Nigeria’s currency, economy and ensuring self-sufficiency in oil production.

It recalled that on April 20, 2024, it had in a statement by its national coordinator, Comrade Jamilu Aliyu Charanchi, called on the federal government to accept naira in lieu of the US dollar for the purpose of purchasing crude oil by domestic refineries.

Parts of that statement read “The CNG believes that selling crude oil to the Dangote Refinery in naira will not only help reduce price of fuel in the country but will also be immensely beneficial to the Nigeria economy as a practical solution that will have a positive impact on the lives of millions of Nigerians.”

Therefore, the CNG said that it is certain that this approach will enhance transparency, boost local capacity, and contribute to the growth of the refining sector, support the local currency and make fuel consistently available at affordable prices.

“The CNG’s advocacy, which had over the last few months been in the news, has been vindicated by the Federal Executive Council’s instruction to the Nigerian National Petroleum Company (NNPC) Ltd to sell crude oil in Naira for the purpose of domestic consumption. We believe crude oil transactions in naira in Nigeria will make the PMS permanently available and eliminate artificial scarcity that fuel importers have been using to milk Nigerians dry.

“Today, the CNG is pleased to see that President Bola Tinubu has taken decisive action in this direction. We view this move as a win-win for Nigeria, Nigerians and the refineries.

We commend the President for taking this bold decision and we urge him to recommit more energy to addressing major obstacles that strangle revival of our refineries and by extension stunting our economy through fuel importation,” it said.

The group reiterated its call to the federal government to make genuine efforts to revamp state-owned refineries in Kaduna, Port Harcourt and Warri to deepen competition among domestic refiners to enable Nigerians access quality and affordable fuel, saying that by taking further decisions to resuscitate government refineries, the president’s resolve to provide a lasting solution to Nigeria’s paradox of oil-producing but oil-importing country will be permanently addressed.

It said the only way to address the fuel crisis in Nigeria is to refine fuel locally to completely remove the use of dollars in the process, adding that the refineries must also be revitalized and upgraded in order to meet the local needs to exterminate the import-dependent fuel crisis that is being orchestrated by the importing cartel.

It urged the federal government to sustain this momentum and continue implementing policies that prioritize Nigerian interests and appealed to domestic refineries to take advantage of this opportunity to produce high-quality petroleum products that are cost effective and make it reasonably affordable to Nigerians devoid of exploitation.

It suggested that activities at the Kolmani oil well in Bauchi-Gombe Axis must continue swiftly to consolidate on the significant progress already made, saying the enthusiasm and the resources committed to the work must be pursued rigorously in the interest of the country.