Naira for crude initiative ‘here to stay’ – FG

The Federal Government has reiterated its commitment to the Crude and Refined Product Sales in Naira initiative, assuring stakeholders that the policy remains a long-term strategy rather than a temporary measure.

This was disclosed during a high-level meeting of the Technical Sub-Committee overseeing the initiative.

The session, held earlier on Wednesday, April 9, was attended by key officials, including the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun; Executive Chairman of the Federal Inland Revenue Service (FIRS), Mr. Zacch Adedeji; Chief Financial Officer of NNPC Limited, Mr. Dapo Segun; and representatives from Dangote Refinery, the Central Bank of Nigeria (CBN), and other agencies.

The stakeholders reaffirmed their dedication to fully implementing the policy, which aims to boost local refining, enhance energy security, and reduce Nigeria’s dependence on foreign exchange for petroleum transactions.

“The Crude and Refined Product Sales in Naira initiative is not a temporary intervention but a core policy directive that aligns with national economic objectives,” the Committee stated.

The meeting also addressed ongoing implementation challenges, with officials acknowledging that obstacles are inevitable, as with any major policy shift.

However, they assured that the government is actively resolving these issues through coordinated inter-agency efforts.

The Committee further urged the public and industry stakeholders to rely solely on official sources for updates, dismissing speculation regarding the policy’s status.

The initiative, introduced by the Federal Executive Council (FEC), is seen as a strategic move to stabilise the petroleum sector and shield the economy from forex volatility.

Despite concerns about execution hurdles, the government remains resolute in pursuing a sustainable energy market backed by local currency transactions.