Oil For Cash? FG Reveals Fresh Details On Controversial Crude-For-Naira Policy

The technical subcommittee overseeing the Crude and Refined Product Sales in Naira Initiative recently convened to review progress and reaffirm its commitment, with an assurance that more updates will be shared with the public soon.

In a statement issued Friday by Mohammed Manga, Director of Information and Public Relations at the Ministry of Finance, it was confirmed that the meeting was chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.

Held on Thursday, the meeting focused on evaluating milestones achieved since the last session and assessing the overall implementation of the initiative.

The Minister emphasized that further briefings will be provided in due time regarding the naira-for-crude scheme. He praised the collaborative efforts among stakeholders and reiterated the government’s dedication to transparency.

Key figures at the meeting included Executive Chairman of FIRS and subcommittee chair, Zacch Adedeji; President Tinubu’s Special Adviser on Energy, Olu Verheijen; senior officials from NNPC Limited; local refinery operators; and regulatory bodies such as NMDPRA, NUPRC, and the Nigerian Ports Authority (NPA).

Stakeholders reaffirmed their unified commitment to the successful execution of the policy, which is considered central to President Bola Tinubu’s broader economic agenda—aimed at strengthening the naira, ensuring energy security, and boosting local industry value.