Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, disclosed this at the weekend, according to a statement by the Director of the Information and Public Relations, Ministry of Finance, Mohammed Manga.

Manga said: “Following a meeting of the Implementation Committee, Chaired by the Honourable Minister of Finance and Coordinating Minister of the Economy to conduct a post-commencement review of the Crude Oil and Refined Products Sales in Naira initiative, the commencement of this strategic initiative was affirmed by key stakeholders.

“The meeting brought together prominent figures, including the Honourable Minister of State, Petroleum (Oil), the Special Adviser to the President on Revenue, the Special Adviser to the President on Energy, the Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the representative of the Chairman of Dangote Group, the Vice President of Dangote Group, and the management of the Nigerian National Petroleum Company (NNPC), led by the Group Chief Executive Officer (GCEO), Chief Financial Officer (CFO), and Executive Vice President (Downstream).”

Manga noted that the strategic initiative and bold step taken by President Bola Tinubu-led administration is expected to have a lasting impact on Nigeria’s economy, enhance growth, stability, and self-sufficiency.

He added that Nigeria continues to navigate the complexities of global markets, and the strategic move positions the country for success in the future.

Recently, the FEC okayed a proposal by President Tinubu directing the NNPC to sell crude oil to Dangote Petroleum Refinery and other refineries in naira.

The government had put October 1, as the commencement date for the sale of crude oil to the Dangote refinery and other refineries in naira.

It is believed that the policy will stabilise pump prices, ease the pressure on foreign exchange reserves and result in the stabilization of  the dollar-Naira exchange rate and curb inflation.