Sen. Sani Musa, Chairman, Senate Committee on Finance, has commended President Bola Tinubu for approving the sale of crude oil to Dangote Refinery and other local refineries.
He told the News Agency of Nigeria (NAN) in Kano on Tuesday that the strategic move was a milestone in the nation’s journey toward economic self-sufficiency and stability.
“I would like to commend President Bola Ahmed Tinubu, GCFR, for his forward-thinking and impactful decision to approve the sale of crude oil to local refineries in Nigeria using the Naira,” Musa said.
“By allowing transactions in our local currency, this policy not only strengthens the Naira but also reduces our dependency on foreign exchange.
“This will likely lead to increased efficiency within our local refineries, boost domestic production and ensure a more consistent and affordable supply of refined petroleum products for all Nigerians,” the lawmaker said.
He expressed hope that the move would enable the NNPC Ltd, Dangote Refinery and all domestic producers to seize the opportunity to make their business decisions.
Musa said such decisions would reflect on production, affordability, sustainability and qualitative for the good of the country.
He also said the decision would echo in deep commitment to fostering national growth, supporting local industries, and ensuring that wealth generated from the nation’s natural resources benefited the economy directly.
“It is a testament to Mr President’s visionary leadership and dedication to the prosperity of our country.
“I applaud this initiative and look forward to witnessing the positive impact it will undoubtedly have on our nation’s economic landscape.
“Thank you, Mr President, for your continued efforts to advance Nigeria’s economic independence and development,” Musa said.
It would be recalled that the Presidency on Monday announced that Tinubu had approved the sale of crude to Dangote refinery and other local refineries.
“To ensure the stability of the pump price of refined fuel and the dollar-naira exchange rate, the Federal Executive Council today adopted a proposal by President Tinubu to sell crude to Dangote Refinery and other upcoming refineries in naira’’, said Mr Bayo Onanuga, Tinubu’s aide on Information and Strategic said on his verified X (former Twitter) account ( NAN)
