The Technical Sub-Committee on the Crude and Refined Product Sales in Naira initiative has today convened an update meeting held in Abuja with the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, presiding. The meeting reviewed progress and addressed ongoing implementation matters.

The stakeholders reaffirmed the government’s commitment to the full implementation of this strategic initiative, as directed by the Federal Executive Council (FEC). It stated that the Crude and Refined Product Sales in Naira initiative is a key policy directive designed to support sustainable local refining, bolster energy security, and reduce reliance on foreign exchange in the domestic petroleum market.

The Committee acknowledges that implementation challenges may arise from time to time. However, such issues are being actively addressed through coordinated efforts among all relevant parties. The initiative remains in effect and will continue for as long as it aligns with the public interest and supports the national economy.

The meeting was attended by the Chairman of the Implementation Committee, the Honourable
Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun; the Chairman of the Technical Sub-Committee and Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji; the Chief Financial Officer of NNPC Limited, Mr. Dapo Segun; the Coordinator of NNPC Refineries; Management of NNPC Trading; representatives of Dangote Petroleum Refinery and Petrochemicals; and senior officials from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Central Bank of Nigeria (CBN), the Nigerian Ports Authority (NPA), representative of Afreximbank, as well as the Secretary of the Committee, Hauwa Ibrahim.

The meeting underscored the government’s commitment to the Crude and Refined Product Sales in Naira initiative, a strategic move expected to have a lasting impact on Nigeria’s economy, fostering growth, stability, and self-sufficiency. This bold step positions Nigeria for success in the years to come

Ukraine has sought to reassure the European Union that it would not steer away from its membership bid as a result of the negotiations with the United States over a minerals deal, which are currently at the technical level.

“It should be a partnership agreement, so on equal conditions for both sides,” Ukrainian Prime Minister Denys Shmyhal said on Wenesday during a visit to Brussels.

The draft version of the agreement, leaked to the press last month, contains sweeping terms that would give America a “right of first offer” and unprecedented control over Ukraine’s natural resources through a joint investment fund.

According to the FT and Bloomberg, the fund’s board would comprise five members: three appointed by the US and two appointed by Ukraine. In practice, this would grant Washington an effective veto power on key decisions regarding new projects about roads, railways, ports, mines, oil, gas and the extraction of critical minerals.

Ukraine would be obliged to present all new projects to the fund for review “as early as practicable”, Bloomberg reported. If the project were turned down, Ukraine would be prevented from offering it to other parties with “materially better” conditions.

Additionally, the US would be entitled to reap all the profits from the fund and a 4% annual return until the military and financial aid that has been provided to Ukraine is fully recouped. The Kiel Institute for the World Economy estimatesAmerican support to be worth €114 billion since the start of Russia’s full-scale invasion.

The “payback” model has been central to Donald Trump’s motivation to sign the deal, raising accusations of exploitation and neo-colonialism.

The provisions are so expansive that, if enforced, they make it virtually impossible for Ukraine to meet the EU’s rules on competition, single market, public procurement and transparency, which are essential criteria for becoming a member state.

On Wednesday, Shmyhal left no doubt that accession would always take precedence over any commercial deal.

“We really have some red lines,” the prime minister said in a press conference at the end of the EU-Ukraine Association Council.

“First of all, this is our Constitution. Second, these (are) our European aspirations and our European obligations, so this is another red line. (Third), international legislation.”

Ukraine has set up a “special delegation” of experts supported by international lawyers to lead the technical negotiations, he said. The talks will take place in the US over the weekend and continue next week, focusing on the joint investment fund.

“Then, we’ll see the result after these negotiations,” he said.

“We’re quite optimistic because we should find solutions (on) how to make this agreement a partnership agreement. I mean it literally.”

“I believe (the) technical teams will have a good cooperation,” he added.

Standing by his side, Marta Kos, the European Commission for Enlargement, who oversees Ukraine’s EU candidacy, appeared reassured by Shmyhal’s red lines.

“The European Commission will support any deal that will be in the interest of Ukraine,” Kos told reporters. “Today we have been talking about (the deal) and we got many confirmations that Ukraine will stay on the European path, so I don’t see the danger.”

“More and more the enlargement process is being seen as a security guarantee for Ukraine,” she went on.

“All of this together means that for sure we will discuss everything that will be going on with the US also in the scope of the enlargement process.”

Kos said Brussels would seek to open the six clusters of Ukraine’s accession by the end of the year, a goal also shared by Kyiv. Each step, though, requires the unanimous support of all 27 member states and Hungary has repeatedly stated its opposition, going as far as launching a public consultation to collect citizens’ views.

“We speak to the representatives of the Hungarian government and we expect that all sides involved will show good faith and willingness to reach the compromise,” Kos said, warning the Commission’s internal work was ultimately bound by politics.

“There is now a consensus among 26 member states to move ahead.”

Asked about Hungary’s poll, Shmyhal said his government would do its “best” to implement “all needed reforms and steps”, including those related to the protection of national minorities, an issue that Budapest has repeatedly brought up.

“We count on absolutely clear decisions from the European Union and European Union member states,” he said.

The Governorship Candidate of the Labour Party, LP, in the 2023 general elections in Bayelsa State, Udengs Eradiri has urged the suspended Rivers State Governor, Siminalayi Fubara to beg the Minister of the Federal Capital Territory, Nyesome Wike to ease the political tension in Rivers State.

Eradiri claimed that the incompetence of the suspended Fubara caused the crisis in his state, asking the governor to stop ethnicising the impasse.

“As for Governor Siminalayi Fubara, he is incompetent and that is what has brought all this negative energy. He should not involve Ijaw in his political issues and affairs. Let him tell us how he has supported the Ijaws or Ijaw activities.

“How many Ijaws of Rivers State did he empower that he is demanding Ijaw support now? How many of the IYC comrades in the Eastern zone were LGA chairmen, commissioners and appointees in his government?

“I advise Fubara to go and kneel before Wike and beg for forgiveness. Those who are deceiving him have no balls. They go cap in hand kneeling and begging the same Wike when they get it they come in the open to claim Ijaw lions,” he said.

The ex-Bayelsa LP flag bearer faulted the way the Ijaw National Congress, INC, handled the Rivers crisis and warned the body against ethnicising political issues, insisting that the INC brought the Rivers embarrassment on the Ijaw nation.

He said the INC should not be romancing governors’ egos, adding that the institution is bigger than them and once they belittle the INC before the incompetent governors, the institutions would be ripe for ridicule and insults.

According to him, nobody is more Ijaw than any other, urging INC to protect all interests and stay away from politics.