No Going Back! Crude-For-Naira Deal Remains Intact, FG Insists Amid Public Concern

The Technical Sub-Committee overseeing the Crude and Refined Product Sales in Naira initiative has confirmed that the federal government’s crude-for-naira policy will remain in force.....KINDLY READ THE FULL STORY HERE▶

According to reports, the Sub-Committee reached this resolution during a meeting held on Tuesday to assess progress and address ongoing implementation challenges. The meeting brought together key stakeholders, including the Chairman of the Implementation Committee and Minister of Finance, Wale Edun; the Chairman of the Technical Sub-Committee and Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji; and the Chief Financial Officer of NNPC Limited, Dapo Segun.

Also in attendance were the Coordinator of NNPC Refineries, executives from NNPC Trading, representatives from Dangote Petroleum Refinery and Petrochemicals, senior officials from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Central Bank of Nigeria (CBN), the Nigerian Ports Authority (NPA), a representative from Afreximbank, and Committee Secretary, Hauwa Ibrahim.

The stakeholders reaffirmed the federal government’s unwavering commitment to the full implementation of the initiative, as mandated by the Federal Executive Council (FEC).

In a joint statement, the Committee emphasized:

“The Crude and Refined Product Sales in Naira initiative is a long-term strategic policy, not a short-term fix. It is designed to promote sustainable local refining, enhance energy security, and reduce dependence on foreign exchange in the domestic petroleum sector.”

The Committee acknowledged that, like any major policy reform, challenges may occur during implementation. However, it assured that such issues are being addressed through collaborative efforts among all involved parties.

“This initiative remains in effect and will continue as long as it aligns with the public interest and supports national economic goals,” the statement added.