The Federal Government has affirmed that the naira-for-crude oil initiative remains active, despite the conclusion of its first phase on March 31, 2025.
This was made known in a statement released on Tuesday by the Federal Ministry of Finance following a high-level meeting of the Technical Sub-Committee on the Crude and Refined Product Sales in Naira initiative.
The meeting was chaired by Minister of Finance and Coordinating Minister of the Economy, Wale Edun, and attended by several key stakeholders.
Among those present were Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service (FIRS) and chairman of the technical sub-committee; Dapo Segun, Chief Financial Officer of Nigerian National Petroleum Company (NNPC) Limited; representatives from Dangote Petroleum Refinery and Petrochemicals; and other officials from key regulatory bodies, including the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Central Bank of Nigeria (CBN), and the Nigerian Ports Authority (NPA). A representative of Afreximbank and the committee secretary, Hauwa Ibrahim, were also in attendance.
The meeting reviewed progress made during the initial rollout of the initiative and addressed issues surrounding its ongoing implementation.
According to the statement issued by the ministry: “The Technical Sub-Committee on the Crude and Refined Product Sales in Naira initiative convened an update meeting on Tuesday to review progress and address ongoing implementation matters.
“The stakeholders reaffirmed the government’s continued commitment to the full implementation of this strategic initiative, as directed by the Federal Executive Council (FEC). 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.”
The statement said further that, “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.”