President Bola Ahmed Tinubu has been commended for his decision to allow the sale of crude oil to local refineries in Nigeria using domestic currency, the Naira.
The Chairman of the Nigerian Senate Committee on Finance, Senator Sani Musa, made the commendation during a telephone interview.
He said that, the move is seen as a significant step towards economic self-sufficiency and stability.
“By conducting transactions in the local currency, the policy strengthens the Naira, it reduces dependence on foreign exchange, and increases efficiency in local refineries.”
“This is expected to boost domestic production, ensuring a consistent and affordable supply of refined petroleum products for Nigerians.”
Senator Musa expressed the hopes that, the bold decision by President Tinubu will enable the NNPC, Dangote Refinery, and other domestic producers to take advantage of the opportunity to make their business more affordable, sustainable, and qualitative for the benefit of the country.
“The decision reflects President Tinubu’s commitment to fostering national growth, supporting local industries, and ensuring that, the wealth generated from natural resources benefits the economy directly.”
