President Bola Tinubu yesterday said with the current Naira-based sale of crude oil and refined products, there will be some level of stability in the downstream sector.
Tinubu, who spoke during a review meeting of the technical committee on implementation of the new arrangement at State House, Abuja, urged members of the committee to resolve any teething problems.
He said the naira transactions were conceived to remove the exchange rate hurdle, stressing that his administration is determined to do away with decisions that are not progressive.
The president stated, “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.”
Tinubu said the various players in the oil sector, including the Nigerian National Petroleum Corporation Limited (NNPC) and Dangote refinery, should work to improve the economy and the livelihoods of Nigerians.
