Northern youths want FG to sell crude oil to Dangote in naira

One of the youths leaders says selling crude oil to the refinery in foreign currency would subject the masses to untold hardship.

Northern Youth Ambassadors, a coalition of youth groups in the 19 northern states have made a call to the Federal Government on the supply of crude oil to the Dangote Petroleum Refinery.

Speaking at a press briefing in Abuja on Wednesday, January 24, 2024, the group's secretary, Muktar Abdurrahman Auwal, urged President Bola Tinubu not to sell crude oil to the refinery in dollars.

According to him, selling crude oil to the refinery in foreign currency would subject the masses to untold hardship because of the vulnerability of the naira.

Auwal said, "Selling crude oil to DPR in foreign currency is going to be counterproductive as far as the Nigerian masses are concerned. The vulnerability of the naira due to foreign exchange has caused untold hardship to the majority of Nigerians.

"Inflation has remained high largely due to higher cost of fuel. Thus, the price of goods and services today has prevented the common man from enjoying the dividend of democracy in Nigeria.

Meanwhile, the Governor of the Central Bank of Nigeria, Yemi Cardoso, has assured Nigerians that the pump price of petroleum would fall this year as government-owned and private refineries set to commence operations.

Cardoso made this known while speaking at the launch of the Nigerian Economic Summit Group (NESG) 2024 Macroeconomic Outlook Report in Lagos on Wednesday.

The CBN governor's remarks come barely two weeks after Dangote Refinery commenced production of diesel and aviation fuel, with petrol production set to follow suit.

Also, the government-owned Port Harcourt refinery is expected to begin production in due time, after the complementation of the first phase of rehabilitation in December 2023.