A coalition of young organizations from the 19 northern states, known as Northern young Ambassadors, has urged the federal government to provide crude oil to the Dangote Petroleum Refinery.
The secretary of the organization, Muktar Abdurrahman Auwal, urged President Bola Tinubu not to sell crude oil to the refinery in dollars during a news conference on Wednesday, January 24, 2024, in Abuja.
He claimed that due of the naira’s fragility, selling crude oil to the refinery in foreign currency will bring the public great suffering.
“As far as the Nigerian masses are concerned, selling crude oil to DPR in foreign currency is going to be counterproductive,” stated Auwal. Numerous problems have resulted from the naira’s foreign currency fragility.
“The rising cost of fuel is a major reason why inflation has remained high. As a result, the cost of goods and services has made it impossible for the average person in Nigeria to benefit from democracy.
As both government-owned and commercial refineries prepare to start up, Nigerians have been reassured by Yemi Cardoso, the governor of the Central Bank of Nigeria, that this year’s petroleum pump price will decrease.
This was disclosed by Cardoso on Wednesday during his remarks at the Nigerian Economic Summit Group (NESG) 2024 Macroeconomic Outlook Report launch in Lagos.
The CBN governor made these comments just two weeks after Dangote Refinery started producing aviation fuel and diesel, with gasoline production to follow.
Additionally, it is anticipated that the government-owned Port Harcourt refinery would start up.