The Nigerian Federal Government and key industry stakeholders have reaffirmed their commitment to fully implementing the Naira-Crude sale policy, considering it a strategic initiative that will continue as long as it supports public interest and the national economy. This position was established after a meeting of the Technical Sub-Committee on the Crude and Refined Product Sales in Naira initiative, chaired by Finance Minister and Coordinating Minister of the Economy, Wale Edun.
The initiative, which began on October 1, 2024, allows local refineries to purchase crude oil in naira instead of dollars, aiming to boost supply, save foreign exchange, and ultimately reduce fuel prices. However, the program faced challenges when NNPCL temporarily halted it in March 2025, citing prior commitments of crude oil to forward contracts. This led Dangote Petroleum Refinery to pause its naira sales of petroleum products to avoid a mismatch between sales proceeds and crude oil purchase obligations.
After reviewing progress and addressing implementation challenges, the Federal Government confirmed the initiative will continue. The meeting included key stakeholders from the Federal Inland Revenue Service, NNPC Limited, Dangote Petroleum Refinery, regulatory authorities, and financial institutions.
Source: orientalnewsng.com
