Connect with us

Politics

PRESIDENT TINUBU ASSURES OF MORE STABILITY IN THE OIL SECTOR WITH NAIRA FOR CRUDE TRANSACTIONS, URGES STAKEHOLDERS TO UPHOLD THE INTEREST OF THE NATION

Published

on

Spread the love

STATE HOUSE PRESS RELEASE

PRESIDENT TINUBU ASSURES OF MORE STABILITY IN THE OIL SECTOR WITH NAIRA FOR CRUDE TRANSACTIONS, URGES STAKEHOLDERS TO UPHOLD THE INTEREST OF THE NATION

President Bola Ahmed Tinubu, speaking Tuesday in Abuja, commended the Implementation Committee on the Naira-based sales of crude oil and refined products and asked the members to resolve any teething problems.

In a review meeting at the State House, the President said that using the Naira was conceived to remove the exchange rate hurdle.

“Whatever solution we proffer in crude oil and refined products sales in Naira should not take us back to our experience in the last 40 years.

“There can be cost and revenue adjustment in the oil sector, but the issue is that the government will not have to go back to the old way of doing things,’’ the President stated.

President Tinubu said the various players in the oil sector, including the Nigerian National Petroleum Corporation Ltd and the Dangote Refinery, should work to improve the economy and the livelihood of Nigerians.

The President urged stakeholders to look inward and consider supplying enough petrol and petroleum products for local consumption to stop the persistent reliance on importation. He said this would enable the channelling of foreign exchange into the development of the real sector.

The President advised stakeholders to use Afreximbank as a settlement bank to resolve the Naira pricing for crude and refined products. Afreximbank is already on board as the financial adviser.

“The market must determine what we are doing. Once you allow the market to determine the profit and loss, independent marketers and the government side can meet on the worksheet. I want the issues resolved without future waste of time,’’ he added.

“We can have energy security, and the motivation for Alhaji Aliko Dangote will not be defeated. It will be more predictable on a medium and long-term basis,’’ the President said.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said the administration’s groundbreaking steps to sell crude in Naira would not be reversed, and the government would not be involved in determining the rate of exchange for the oil sector.

The President and Chief Executive of Dangote Group told the President that the refinery had more than 500 million litres of fuel in reserve after supplying 400 million to the economy.

He said the refinery could collaborate with the other refineries managed by NNPC Ltd to meet an estimated 32 million litres of local petrol needs.

At the meeting, the Federal Inland Revenue Service Chairman, Zach Adedeji, who chairs the technical committee, said importing refined products should end once we have the capacity to produce enough to meet domestic needs.

“The vision of Mr President is to turn Nigeria into a hub for refined products to export to the world.”

Other stakeholders at the meeting included Prof. Benedict Oramah, the President and Chairman of the Board of Afrexim Bank, and Sen. Abubakar Atiku Bagudu, the minister of budget and national planning and Group Managing Director of NNPC Limited, Mele Kyari.

The president’s special adviser on energy, Olu Verheijen, and the CEOs of NIMASA and Nigerian Ports Authority also attended, along with Engineer Gbenga Komolafe, head of Upstream Regulator, and Farouk Ahmed, head of Midstream & Downstream Regulator, NMDPRA.

Bayo Onanuga

Special Adviser to the President

(Information and Strategies)

Politics

Former Head of State Gowon Issues Warning, Backs Tinubu, Select Leaders for 2027

Published

on

Former Head of State Gowon Issues Warning, Backs Tinubu, Select Leaders for 2027
Spread the love

 

Former Head of State, General Yakubu Gowon (Retd), has cautioned the northern part of the country against tearing Nigeria apart.

Gowon, who spoke while hosting a delegation from the Senator Ibrahim Shekarau-led League of Northern Democrats (LND) at the Yakubu Gowon Centre in Abuja, urged northern elites to prioritize the collective interest of Nigeria over narrow regional concerns.

The former Head of State’s warning comes amid growing agitation for power to return to the North, barely a year after President Bola Tinubu took office.

Ekwutosblog learnt that Northerners have been citing marginalization even though former President Muhammadu Buhari, a Northerner, served for eight years, leaving the country in a deplorable state in 2023.

Gowon on Wednesday called for the North to foster unity and collaboration across Nigeria’s diverse regions, rather than pursuing narrow regional interests. He also reflected on his time as Head of State, noting the challenges of maintaining national unity amid regional tensions and secession threats during his administration.

The elder statesman expressed concern over the current challenges facing northern Nigeria, including insecurity, disunity, and social issues like poverty and drug addiction. He commended the efforts of the LND to address these issues and promote unity in the north and across Nigeria.

Gowon’s stance is similar to a recent submission of former presidential spokesperson Doyin Okupe, who, in an interview, said, “Tinubu or the south must have another four years before power returns to the north.”

Share your thoughts on this…

Kindly follow Ekwutosblog for verified News and Current Affairs in addition to insightful contents that inform, inspire, educate and entertain you always.

Continue Reading

Politics

Photos: Macron welcomes Tinubu to France

Published

on

Photos: Macron welcomes Tinubu to France
Spread the love

 

President Bola Tinubu on Thursday began a two-day visit to France, with both sides seeking increased economic cooperation and Paris looking to boost ties in English-speaking Africa following a series of setbacks with former allies on the continent.

 

Continue Reading

Politics

Four tax reform bills scale second reading at Senate.

Published

on

Four tax reform bills scale second reading at Senate.
Spread the love

News flash

Four tax reform bills scale second reading at Senate.

The four bills seek uniformity, equity and efficiency in tax administration.

The bills have been referred to the senate committee on finance for further legislative action which include the conduct of a public hearing to enable all stakeholders submit inputs

Continue Reading

Trending