- Urges understanding among stakeholders in oil sector
- Stop importing fuel, we have enough, Dangote tells NNPC, marketers
- President Biden thanks Tinubu over release of Binance executive, Gambaryan
President Bola Tinubu, on Tuesday, commended the Implementation Committee on the Naira-based sales of crude oil and refined products.
He asked the members to resolve any teething problems, insisting that the government “will not go back to the old ways of doing things.”
Tinubu gave the charge during a review meeting at the State House, Abuja.
The Special Adviser to the President on Information and Strategy, Bayo Onanuga, revealed the outcome of the meeting in a statement he signed on Tuesday.
Tinubu argued that using the Naira was conceived to remove the exchange rate hurdle.
“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,’’ the President stated.
Tinubu said the various players in the oil sector, including the Nigerian National Petroleum Corporation Ltd and the Dangote Refinery, should work to improve the economy and the livelihood of Nigerians.
He urged stakeholders to look inward and consider supplying enough petrol and petroleum products for local consumption to stop the persistent reliance on importation.
According to Tinubu, this would enable the channeling of foreign exchange into the development of the real sector.
The President also advised stakeholders to use Afreximbank as a settlement bank to resolve the Naira pricing for crude and refined products.
Afreximbank is already on board as the financial adviser.
“The market must determine what we are doing. Once you allow the market to determine the profit and loss, independent marketers and the government side can meet on the worksheet.
“I want the issues resolved without future waste of time,’’ he added.
The President continued, “We can have energy security, and the motivation for Alhaji Aliko Dangote will not be defeated.
“It will be more predictable on a medium and long-term basis.”
On his part, the Finance Minister and Coordinating Minister of the Economy, Wale Edun, assured Tinubu that the administration’s groundbreaking steps to sell crude in Naira would not be reversed.
Edun said the government would not be involved in determining the rate of exchange for the oil sector.
At the meeting, the Federal Inland Revenue Service boss, Zach Adedeji, who chairs the technical committee, said importing refined products should end once we have the capacity to produce enough to meet domestic needs.
“The vision of Mr President is to turn Nigeria into a hub for refined products to export to the world,” Adedeji said.
Other stakeholders at the meeting included the President and Chairman of the Board of Afrexim Bank, Prof. Benedict Oramah, the Minister of Budget and Economic Planning, Abubakar Bagudu, and Group CEO of NNPC Limited, Mele Kyari.
The president’s Special Adviser on Energy, Olu Verheijen, and the CEOs of NIMASA and Nigerian Ports Authority also attended the meeting along with the head of Upstream Regulator, Gbenga Komolafe, and head of Midstream & Downstream Regulator, Farouk Ahmed.
Stop importing fuel, we have enough, Dangote tells NNPC, marketers
In the same vein, the Chairman of Dangote Group, Aliko Dangote, on Tuesday, urged petroleum marketers, including the Nigerian National Petroleum Company Limited, to source petrol directly from his refinery to meet local demands.
Dangote confirmed the refinery’s readiness to supply fuel after closed-door talks with President Tinubu at the Aso Rock Villa, Abuja.
He stated that the refinery can produce over 30 million litres of fuel daily at full capacity and currently holds 500 million litres in reserve, enough to supply the country for over 12 days without imports.
“We’re more than ready,” Dangote assured State House Correspondents, adding that the refinery’s production capacity could offset Nigeria’s fuel needs significantly.
Addressing concerns about fuel scarcity in several parts of the country, he said, “Well, on the streets, one thing that you have to understand is that we are producers. I have a refinery. I’m not in the business of retail. If I’m in the business of retail then you hold me responsible.
“But what I’m saying is that the retailers should please come forward and pick, if they don’t, come forward and pick, what do you want me to do? That’s something that I can do.
“So I am expecting either NNPC or the marketers to stop importing; they should come and pick because we have what they need. And you know, as they move, I will be pumping.
“I don’t know whether you understand what it takes to keep a billion litres inside our tank. It’s costing me money every day. If I can collect the naira, I can charge somebody 32% in interest. So right now, that’s what I’m losing.
“And you are talking about 500 million, you know, I mean, we don’t print money. But the issue is that if they come and collect then you will not see any queues in the filling stations.”
President Biden thanks Tinubu over release of Binance executive, Gambaryan
Meanwhile, President of the United States of America, Joe Biden, on Tuesday evening, conveyed his gratitude to Nigeria and President Tinubu for the release of Binance executive, Tigran Gambaryan.
Foreign Affairs Minister, Yusuf Tuggar, revealed this while briefing State House Correspondents on the 30-minute voice call between both leaders.
“I have been directed by Mr President to brief you with regards to his phone call with US President Joseph Biden at about 4 pm today.
“The two leaders exchanged pleasantries and President Biden proceeded to thank President Tinubu for his partnership and for Nigeria’s partnership, and in particular, for the collaboration between the two countries with regards to the release of one of the suspects of the crypto currency exchange company that we’re all aware of,” Tuggar said.
Gambaryan left Nigeria on Monday after eight months of lawful detention, his family confirmed.
“Today, American citizen Tigran Gambaryan left Nigeria to return home to his family after 8 months of unlawful detention,” the statement from the family partly read.
Gambaryan, a senior Binance executive was detained in Nigeria in early 2024 during a crackdown on crypto currency activity by the Nigerian government.
The Economic and Financial Crimes Commission filed money laundering charges against him, which Binance and Gambaryan have denied.
However, his extended detention drew international attention, as his health reportedly deteriorated while held at Kuje Prison.
U.S. diplomats and lawmakers pushed for his release, emphasising both his declining health and the need for transparent proceedings.
Despite repeated bail applications, he remained in custody for nearly eight months, raising diplomatic tensions between the U.S. and Nigeria.
An Abuja Federal High Court had discharged Gambaryan from the money laundering charges.
This followed diplomatic and public advocacy, enabling him to return to the U.S. for urgent medical care.
Binance CEO Richard Teng expressed relief, highlighting Binance’s commitment to regulatory cooperation in Nigeria.
Responding to Biden, President Tinubu thanked him and the US for the partnership and collaboration in numerous sectors emphasizing greater collaboration with regards to security in West Africa.
Biden also affirmed that this partnership will continue as the “future of the world resides in Africa…which is why it is important for this partnership to continue.”
During the phone conversation, Biden also assured Tinubu that the US is keen on securing permanent status for two African countries, including Nigeria, on the United Nations Security Council.
Tuggar explained, “The two leaders also discussed the issue of the permanent seats in the United Nations Security Council.
“President Biden, once again, assured that the United States is committed to seeing Africa having two permanent seats.
“He also reiterated that he does not see any reason why one of those seats should not belong to Nigeria, given its position in Africa, its stature and its importance.
Tinubu also highlighted that Nigeria is committed to upholding the rule of law and follows established legal processes, which the U.S. recognises and respects.
He pointed out the shared values between the two nations, noting Nigeria’s adoption of a government system inspired by the U.S. model when it returned to constitutional democracy in 1999.
Both leaders agreed on the importance of legal frameworks and pledged ongoing collaboration in this area.
The conversation concluded with both sides expressing a commitment to maintaining communication even as President Biden’s term ends in January 2025.
