President Bola Ahmed Tinubu has assured that the country can have energy security, and at the time, the motivation for Aliko Dangote’s 650,000 barrels per day refinery will not be defeated.
In a statement by Tinubu’s spokesperson, Bayo Onanuga, the president made this known on Tuesday when the Implementation Committee on the Naira-based sales of crude oil and refined products visited the Aso Villa.
Tinubu noted that whatever solution, the Naira-for-crude deal should not take Nigeria back to its experience in the last 40 years.
According to him, the government will not go back to old ways of doing things under the Premium Motor Spirit (Petrol) subsidy era.
“Whatever solution we proffer in crude oil and refined products sales in Naira should not take us back to our experience in the last 40 years.
“There can be cost and revenue adjustments in the oil sector, but the issue is that the government will not have to go back to the old way of doing things.
“We can have energy security, and the motivation for Alhaji Aliko Dangote will not be defeated.It will be more predictable on a medium- and long-term basis,’’ the President said.
He added that market forces will continue to determine how things pan out in the country’s oil and gas sector.
“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,’’ he added.
Earlier, Dangote lamented that his refinery, which commenced supply of Petrol on September 15, 2024, is running at a loss because petrol retailers are ignoring its over 500 million litres of fuel.
Recall that the Nigerian government had announced the commencement of the Naira-for-crude deal with Dangote Refinery on October 1, 2024.
Despite the deal, Nigerians grapple to buy fuel at over N1,030 per litre price across NNPCL retail outlets.
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