The Coalition of Northern Groups (CNG) has warmly welcomed the Federal Government’s recent decision to sell crude oil in naira to domestic refineries, a departure from the previous practice of payment in US dollars.
The CNG regards this move as a crucial step towards bolstering Nigeria’s currency and economy while enhancing self-sufficiency in oil production.
On April 20, 2024, the CNG, through a statement by its national coordinator, Comrade Jamilu Aliyu Charanchi, had urged the Federal Government to accept naira for crude oil sales to domestic refineries instead of US dollars.
The statement highlighted that selling crude oil to the Dangote Refinery in naira would not only lower fuel prices but also significantly benefit the Nigerian economy. “This practical solution will positively impact millions of Nigerians,” the CNG noted.
The group believes that this approach will enhance transparency, boost local capacity, support the naira, and ensure consistent availability of affordable fuel.
The CNG in a statement signed by Comrade Charanchi on Wednesday, said its advocacy efforts have been vindicated by the Federal Executive Council’s directive to the Nigerian National Petroleum Company (NNPC) Ltd to sell crude oil in naira for domestic consumption.
The CNG expressed optimism that crude oil transactions in naira will eliminate the artificial fuel scarcity created by importers.
The group commended President Bola Tinubu for this decisive action, seeing it as a win-win for Nigeria and the refineries.
The CNG urged the President to continue addressing the obstacles hindering the revival of state-owned refineries in Kaduna, Port Harcourt, and Warri, adding that revamping these refineries would deepen competition among domestic refiners, enabling Nigerians to access quality and affordable fuel.
“The only way to address the fuel crisis in Nigeria is to refine fuel locally to completely remove the use of dollars in the process.
“The refineries must also be revitalized and upgraded in order to meet our local needs to exterminate the import-dependent fuel crisis that is being orchestrated by the importing cartel.
” We urge the Federal Government to sustain this momentum and continue implementing policies that prioritize Nigerian interests,” the statement said.
Additionally, the CNG stressed the importance of continued activities at the Kolmani oil well in the Bauchi-Gombe axis, urging rigorous pursuit of progress for the country’s benefit.
The group highlighted that domestic crude oil production is vital for national security and economic prosperity.
By prioritizing these initiatives, the CNG believes Nigeria can achieve a stronger and more prosperous future.
