The Crude Oil Refiners Association of Nigeria (CORAN) has said its members are yet to buy crude oil in naira in line with federal government’s directive....CLICK HERE TO CONTINUE READING.>>
The Publicity Secretary of CORAN, Echie Idoko said while the announcement by the federal government was commendable, its implementation requires regulatory framework.
Thank you for reading this post, don't forget to subscribe!Echie Idoko said this on Wednesday in an interview. Idoko explained that members of CORAN are giving the government necessary time to address issues still inhibiting the implementation of the policy.
“Currently, none of our members have started lifting crude oil in naira. While the announcement was promising, several steps are still needed to make it actionable.
“The FEC’s statement was a starting point, but a regulatory framework is necessary. We need clear guidelines on quantities and procedures. We understand this is a recent development and are giving the government time to address these issues,” he said.
Idoko added that local crude oil refiners also expect the federal government to consult with them in drafting the regulatory framework of the policy.
“We hope that soon, they will consult with us as stakeholders because decisions cannot be made without our input. We expect our members to be actively involved in this process,” he told Core TV.
Naija News reported that President Bola Tinubu directed the Nigeria National Petroleum Company Limited (NNPCL) to sell crude oil in naira to Dangote Refinery and other local refineries. Dangote Refinery and other local refineries will also sell to marketers in naira.
