The Coalition of Northern Teams (CNG) has voiced its appreciation of the Federal Authorities’s current determination to promote crude oil in naira to home refineries, a departure from the earlier apply of fee in US {dollars}.
The CNG regards this transfer as a vital step in direction of bolstering Nigeria’s foreign money and financial system whereas enhancing self-sufficiency in oil manufacturing.
On April 20, 2024, the CNG, by means of an announcement by its nationwide coordinator, Comrade Jamilu Aliyu Charanchi, had urged the Federal Authorities to simply accept naira for crude oil gross sales to home refineries as an alternative of US {dollars}.
The assertion highlighted that promoting crude oil to the Dangote Refinery in naira wouldn’t solely decrease gasoline costs but additionally considerably profit the Nigerian financial system. “This sensible resolution will positively affect hundreds of thousands of Nigerians,” the CNG famous.
The group believes that this method will improve transparency, enhance native capability, help the naira, and guarantee constant availability of inexpensive gasoline.
The CNG in an announcement signed by Comrade Charanchi on Wednesday, mentioned its advocacy efforts have been vindicated by the Federal Govt Council’s directive to the Nigerian Nationwide Petroleum Firm (NNPC) Ltd to promote crude oil in naira for home consumption.
Learn Additionally:
The CNG expressed optimism that crude oil transactions in naira will get rid of the factitious gasoline shortage created by importers.
The group recommended President Bola Tinubu for this decisive motion, seeing it as a win-win for Nigeria and the refineries.
The CNG urged the President to proceed addressing the obstacles hindering the revival of state-owned refineries in Kaduna, Port Harcourt, and Warri, including that revamping these refineries would deepen competitors amongst home refiners, enabling Nigerians to entry high quality and inexpensive gasoline.
“The one solution to tackle the gasoline disaster in Nigeria is to refine gasoline domestically to fully take away the usage of {dollars} within the course of.
“The refineries should even be revitalized and upgraded so as to meet our native must exterminate the import-dependent gasoline disaster that’s being orchestrated by the importing cartel. We urge the Federal Authorities to maintain this momentum and proceed implementing insurance policies that prioritize Nigerian pursuits,” the assertion mentioned.
Moreover, the CNG harassed the significance of continued actions on the Kolmani oil effectively within the Bauchi-Gombe axis, urging rigorous pursuit of progress for the nation’s profit, highlighting that home crude oil manufacturing is important for nationwide safety and financial prosperity.
The group believes that Nigeria can obtain a stronger and extra affluent future if these initiatives are prioritized.