The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has assured that further updates will soon be provided on the federal government’s naira-for-crude oil initiative, as stakeholders continue efforts to stabilise the local currency and boost domestic refining.
In a statement released on Friday by Mohammed Manga, Director of Information and Public Relations at the Ministry of Finance, Edun was quoted as making the commitment during a technical subcommittee meeting on the policy, which held in Abuja on Thursday.
The subcommittee, which is overseeing the implementation of crude and refined product sales in naira, reviewed progress made since the last engagement and discussed the next steps in the initiative.
“The minister commended the continued collaboration across agencies and partners, promising to provide further updates in due course,” the statement noted.
The meeting was chaired by Edun and attended by key figures including Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service (FIRS) and chair of the subcommittee, and Olu Verheijen, Special Adviser to the President on Energy.
Other attendees included senior representatives from NNPC Limited, local refining operators, and key regulatory bodies such as the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and the Nigerian Ports Authority (NPA).
The stakeholders collectively reaffirmed their commitment to the seamless execution of the policy, which is seen as a cornerstone of President Bola Tinubu’s economic strategy aimed at strengthening the naira, enhancing energy security, and promoting local content in the petroleum sector.
Nigeria officially began selling crude oil and refined products in naira to local refineries on October 1, 2024, in a bid to reduce reliance on foreign exchange, improve domestic supply, and ease pressure on fuel prices.
However, implementation has faced hurdles. On March 10, NNPC Limited suspended the initiative until 2030, citing the forward sale of all available crude. This was followed by the Dangote Refinery’s decision to pause sales of its products in naira.
Despite the setbacks, the federal government announced on April 9 that the programme would resume after the first phase ended on March 31, signaling a renewed push for continuity and refinement of the naira-for-crude framework.
Further clarifications and policy directions are expected in the coming weeks as the technical committee continues to review implementation outcomes and strategic adjustments.
