FG, NNPC DISCUSS EFFECTS OF SELLING CRUDE IN NAIRA TO LOCAL REFINERIES

By James Ajibade//Extension of the sale of crude in Naira to local refineries will form the plank of discussions at a meeting of the Federal Government Committee on the issue today in Abuja.

Mounting challenges facing the policy which has pitted the National Petroleum Company Limited (NNPCL) and the Dangote Refinery and Petrochemicals, prompted the committee overseeing the initiative to convene the meeting.

Stakeholders will hold talks on how to sustain the arrangement amidst concerns over crude availability and obligations to creditors.

Dangote Refinery, citing low supply of crude in Naira, has threatened to begin sale of refined product to marketers in dollar.

Before then, there were insinuations that the sale of crude in Naira would end by end of this month, but a member of the committee, Zack Adedeji, said the sale will last beyond six months.

The committee, which is chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, is expected to assess options presented by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in a bid to prevent a potential breakdown of the deal that allows local refiners, led by Dangote Petroleum Refinery, to buy crude oil in local currency.