Adedeji commends NPA on naira-for-crude initiative

The Chairman of the Technical Sub-Committee on the implementation of the Federal Government’s policy on domestic sales of crude oil and refined products in naira, Zacch Adedeji, has commended the one-stop-shop team.

Adedeji, who is also the Executive Chairman of the Federal Inland Revenue Service, said that the exercise spearheaded by the Nigerian Ports Authority will ensure smooth operations.

In a statement on Thursday, Adedeji, said the NPA played a pivotal role in the successful implementation of the presidential directive, encouraging the agency to maintain the hard work.

“We recognise that this pioneering effort is a significant achievement and no doubt reflects your commitment and patriotism. Thus, we encourage you to maintain the hard work and dedication that has made this initiative a success. We also extend our gratitude to all participating agencies for their invaluable cooperation and support,” he said.

In his response, the Managing Director of the Nigerian Ports Authority, Dr. Abubakar Dantsoho, said the commendation will spur the agency to do better.

“This commendation can only spur us to do more in advancing this noble initiative. Let me seize this moment to especially appreciate the Minister of Marine & Blue Economy, Adegboyega Oyetola, for providing the leadership that catalysed our success on this venture. We also thank the tireless Chairman of the Technical Sub-Committee, Zacch Adedeji, for the unwavering support that culminated in this milestone,” Dantsoho said.

According to him, with the success of this audacious initiative to sell crude and allied products in naira to domestic refiners, President Bola Tinubu has, in addition to saving losses running into billions of naira, guaranteed national energy security, “deepening the balance of trade and creating jobs, and also sustainably put an end to the scarcity of petroleum products and the excruciating queues that hitherto characterised the yuletide season.”

This development is coming on the heels of the Dangote Petroleum Refinery announcing a reduction in the ex-depot price of its Premium Motor Spirit, also known as petrol, to N899.50 per litre.

Other members of the team are drawn from the Nigerian Maritime Administration and Safety Agency, Nigerian Midstream and Downstream Petroleum Regulatory Authority, Nigerian Upstream Petroleum Regulatory Commission, Chief of Naval Staff, Nigerian Navy, Nigerian Export Processing Zone Authority, Nigeria Customs Service Comptroller General, Nigeria Immigration Service, Federal Inland Revenue Service, Port Health Service, Nigeria National Petroleum Corporation Ltd, National Drug Law Enforcement Agency, and Dangote Refineries Ltd.

Others include the Depot and Petroleum Marketers Association of Nigeria, the Independent Petroleum Marketers Association of Nigeria, and Major Energies Marketers Association of Nigeria.