Federal Government has said its naira-for-crude deal with local refineries is still in effect and will continue after the first phase ended March 31.
Gatekeepers News reports that Minister of Finance Wale Edun made the clarification at a meeting with representatives of Dangote Refinery on Tuesday.
In a post on the ministry’s official X handle on Wednesday, Edun noted that Technical Sub-Committee on the Crude and Refined Product Sales in Naira initiative met on Tuesday to review progress and address ongoing implementation matters.
The meeting was attended by Edun, Chairman of the Implementation Committee; Chairman of the Technical Sub-Committee and Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji; Chief Financial Officer of NNPCL, Dapo Segun; Coordinator of NNPC Refineries; Management of NNPC Trading; and representatives of Dangote Petroleum Refinery and Petrochemicals.
Also in attendance were senior officials from Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Central Bank of Nigeria (CBN), Nigerian Ports Authority (NPA), representative of Afreximbank, and Secretary of the Committee, Hauwa Ibrahim.
“The stakeholders reaffirmed the government’s continued commitment to the full implementation of this strategic initiative, as directed by the Federal Executive Council (FEC).
The statement reads, “Thus, 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 initiative remains in effect and will continue for as long as it aligns with the public interest and supports national economic objectives.”
Recall that March 10, NNPC announced it had halted naira-for-crude deal until 2030. Days later, Dangote refinery also announced it had temporarily halted the sale of petroleum products in naira.
