Esther Oritse
Lagos — The Federal Government’s groundbreaking policy on domestic sales of crude oil and refined products in Naira has achieved remarkable success, drawing commendations from key stakeholders.
Zacch Adedeji, Chairman of the Technical Sub-Committee on the policy’s implementation and Executive Chairman of the Federal Inland Revenue Service (FIRS), applauded the One-Stop-Shop (OSS) team led by the Nigerian Ports Authority (NPA) for their pivotal role in ensuring the initiative’s smooth operations.
During a visit to the NPA Headquarters on Thursday, December 19, 2024, Adedeji lauded the team for their dedication and patriotism, stating: “We recognize that this pioneering effort is a significant achievement, and no doubt reflects your commitment and patriotism. We encourage you to maintain the hard work and dedication that has made this initiative a success. We also extend our gratitude to all participating agencies for their invaluable cooperation and support. Thank you for your outstanding teamwork and service to the nation.”
In response, Dr. Abubakar Dantsoho, Managing Director of the NPA, expressed gratitude for the recognition, saying: “This commendation can only spur us to do more in advancing this noble initiative. I would like to specially appreciate the Honourable Minister of Marine and Blue Economy, Adegboyega Oyetola, for providing the leadership that catalyzed our success in this venture. I also thank the tireless Chairman of the Technical Sub-Committee, Zacch Adedeji, for his unwavering support, which culminated in this milestone.”
The success of this initiative, which allows domestic refiners to purchase crude oil and allied products in Naira, has yielded multiple benefits under the leadership of President Bola Ahmed Tinubu.
These include saving billions of Naira, ensuring national energy security, deepening trade balance, creating jobs, and eliminating the scarcity of petroleum products and long fuel queues that previously marred the yuletide season.
This achievement coincides with the recent announcement by Dangote Petroleum Refinery of a reduction in the ex-depot price of Premium Motor Spirit (PMS) to N899.50 per litre.
The OSS team, which executed this initiative, comprises representatives from key agencies and organizations, including:
– Nigerian Ports Authority (NPA),
– Nigerian Maritime Administration and Safety Agency (NIMASA),
– Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA),
– Nigerian Upstream Petroleum Regulatory Commission (NUPRC),
– Nigerian Navy
– Nigerian Export Processing Zone Authority (NEPZA), Nigeria Customs Service,
– Nigeria Immigration Service,
– Federal Inland Revenue Service (FIRS),
– Port Health Service, Nigerian National Petroleum Corporation (NNPC) Ltd,
– National Drug Law Enforcement Agency (NDLEA),
– Dangote Refineries Ltd,
– Depot and Petroleum Marketers Association of Nigeria (DAPMAN),
– Independent Petroleum Marketers Association of Nigeria (IPMAN), &
– Major Energies Marketers Association of Nigeria (MEMAN).
With this collaborative effort, the Federal Government has successfully set a new standard in the domestic crude oil market while boosting economic growth and stability.
