The Federal Government has clarified that its naira-for-crude initiative with local refineries is not a temporary solution but a crucial policy aimed at promoting sustainable local refining.
Officials stated that the initiative is still operational and will resume immediately, countering the previous decision made by the NNPCL under former CEO Mele Kyari, which had suspended the program.
During a meeting with representatives from the Dangote Refinery on Tuesday, Finance Minister Wale Edun reaffirmed that the naira-for-crude initiative is ongoing.
On Wednesday, the Ministry of Finance shared on its official X account that the Technical Sub-Committee on the Crude and Refined Product Sales in Naira convened on Tuesday to assess progress and tackle ongoing implementation issues.
The meeting was attended by several key figures, including Edun, the Chairman of the Implementation Committee; Zacch Adedeji, the Chairman of the Technical Sub-Committee and the Federal Inland Revenue Service (FIRS); Dapo Segun, the Chief Financial Officer of NNPCL; the Coordinator of NNPC Refineries; the Management of NNPC Trading; and representatives from Dangote Petroleum Refinery and Petrochemicals.
Additionally, 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 from Afreximbank, and the Committee Secretary, Hauwa Ibrahim, were also present.
The stakeholders reiterated the government’s ongoing commitment to fully implement this strategic initiative, as mandated by the Federal Executive Council (FEC).
Consequently, the Crude and Refined Product Sales in Naira initiative is intended to be a permanent measure, not a temporary one.
“Like any significant policy change, the Committee recognizes that there may be occasional implementation challenges. However, these issues are being proactively managed through collaboration among all involved parties.
The statement emphasized, ‘The initiative is still in place and will persist as long as it serves the public interest and supports national economic goals.'”
