Tinubu’s Vision In Action: Edun Commends Dangote Refinery Petrol Purchase

Tinubu’s Vision In Action: Edun Commends Dangote Refinery Petrol Purchase....KINDLY READ THE FULL STORY HERE▶

In a groundbreaking move that promises to reshape Nigeria’s energy landscape, the Dangote Refinery has officially begun supplying Premium Motor Spirit (PMS) to the Nigerian National Petroleum Corporation Limited (NNPCL). This development, driven by President Bola Tinubu’s administration, marks a crucial step towards achieving energy independence and reducing the country’s reliance on imported refined petroleum products.

The initiative is seen as part of the federal government’s broader strategy to alleviate pressure on the Naira and ensure a steady supply of petroleum products within the domestic market. It also underscores President Tinubu’s commitment to fostering value addition in Nigeria’s energy sector.

Speaking at the inauguration event held at the Dangote Refinery, the Honourable Minister of Finance and Coordinating Minister of the Economy, Wale Edun, praised President Tinubu’s forward-thinking leadership. Edun emphasized that this initiative aligns with the President’s vision of ensuring that raw materials, particularly crude oil, are refined locally to add value before export.

He also commended the efforts of Aliko Dangote and his team at the Dangote Group for realizing this vision through the establishment of the refinery. The Minister further acknowledged the role played by the Technical Subcommittee, led by Federal Inland Revenue Service Executive Chairman Zacch Adedeji, in implementing the Naira-based crude sales policy to local refineries.

During a tour of the refinery’s state-of-the-art facilities, Edun, accompanied by Adedeji and other members of the Technical Subcommittee, expressed admiration for the technological advancements and capacity of the refinery. He noted that the facility represents a major leap forward in reducing Nigeria’s dependence on imported refined products while meeting the country’s domestic fuel demands.

According to a statement by Mohammed Manga, Director of Information and Public Relations, the Minister witnessed the loading of the first batch of PMS from the Dangote Refinery, signifying a historic milestone in Nigeria’s journey toward energy self-sufficiency.

Although the official Naira-based sale of crude oil to domestic refineries will commence on October 1st, the event marks a significant step in the process. The Federal Executive Council (FEC), under President Tinubu’s leadership, has approved the supply of crude oil to domestic refineries, including Dangote’s, with payments to be made in Naira.

“Starting October 1st, NNPCL will supply approximately 385,000 barrels of crude oil per day to the Dangote Refinery, payable in Naira,” Edun announced.

The Minister also called on other domestic refiners to join this initiative, which is designed not only to meet Nigeria’s fuel needs but also to enable the legal export of refined products to neighboring countries, thereby increasing foreign exchange earnings and supporting broader economic growth.

With the Naira-based PMS supply now in motion, Nigeria is on track to make significant strides towards achieving its energy goals and boosting economic resilience.