Naira-Based Oil Sales: FG Affirms Initiative’s Continuation
By Patience Ikpeme
The federal government has confirmed the continued implementation of its initiative for the sale of crude oil and refined petroleum products in Naira, stating that the policy “remains in effect and will continue for as long as it aligns with the public interest and supports national economic objectives.”
This confirmation was issued by the Federal Ministry of Finance via its official X (formerly Twitter) handle on Wednesday morning.
According to the Ministry, stakeholders have affirmed the government’s ongoing commitment to the complete execution of this strategic initiative, as mandated by the Federal Executive Council (FEC).
The Ministry clarified that “the Crude and Refined Product Sales in Naira initiative is not a temporary or time-bound intervention, but a key policy directive designed to support sustainable local refining, bolster energy security, and reduce reliance on foreign exchange in the domestic petroleum market.”
“As with any major policy shift, the Committee acknowledges that implementation challenges may arise from time to time. However, such issues are being actively addressed through coordinated efforts among all parties,” the Ministry added.
Further details revealed that the Technical Sub-Committee on the Crude and Refined Product Sales in Naira initiative held an update meeting on Tuesday to assess progress and tackle ongoing implementation matters.
The meeting saw the participation of key stakeholders, including the Chairman of the Implementation Committee, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun; the Chairman of the Technical Sub-Committee and Executive Chairman of the Federal Inland Revenue Service (FIRS), Mr. Zacch Adedeji; the Chief Financial Officer of NNPC Limited, Mr. Dapo Segun; the Coordinator of NNPC Refineries; Management of NNPC Trading; representatives from Dangote Petroleum Refinery and Petrochemicals; and senior officials from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Central Bank of Nigeria (CBN), the Nigerian Ports Authority (NPA), a representative of Afreximbank, as well as the Secretary of the Committee, Hauwa Ibrahim. The convening of this high-level meeting signals the government’s dedication to ensuring the smooth and effective operation of this significant economic policy.
