Tinubu, who spoke during a review meeting at State House, Abuja, encouraged members of the technical committee overseeing the implementation of the new arrangement to address any initial challenges.
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 emphasized that any solutions proposed for the sale of crude oil and refined products in Naira should not revert to the problematic practices of the past 40 years. While adjustments in costs and revenues may be necessary in the oil sector, it is crucial for the government to avoid returning to outdated methodologies.
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.
He urged stakeholders to look inward and consider supplying enough petrol and petroleum products for local consumption to stop the persistent reliance on importation. He said this would enable the channelling of foreign exchange to development of the real sector.
The president advised stakeholders to partner Afreximbank as a settlement bank to resolve the naira pricing for crude and refined products.
Afreximbank is already on board as the financial adviser.
He added, “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.
President and Chief Executive of Dangote Group, Aliko Dangote, told the president that his refinery had more than 500 million litres of fuel in reserve after supplying 400 million litres to the domestic market.
Dangote said the refinery could collaborate with the other refineries managed by NNPC to meet an estimated 32 million litres of local petrol needs.
At the meeting, Chairman of Federal Inland Revenue Service (FIRS), Zach Adedeji, who chairs the technical committee, said importing refined products should end once Nigeria developed the capacity to produce enough to meet domestic need.
“The vision of Mr President is to turn Nigeria into a hub for refined products to export to the world,” Adedeji explained.
Other stakeholders at the meeting included President and Chairman of the Board of AfreximBank, Professor Benedict Oramah; Minister of Budget and National Planning, Senator Abubakar Bagudu; and Group Managing Director of NNPC, Mele Kyari.
Special Adviser to the President on Energy, Olu Verheijen, and chief executives of the Nigerian Maritime Administration and Safety Agency (NIMASA) and Nigerian Ports Authority (NPA) also attended the meeting, along with the chief executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, and Chief Executive, Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed.
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