Federal Government To Continue Crude-For-Naira Policy, Says Technical Committee.
The Federal Government has reaffirmed its commitment to the Crude and Refined Product Sales in Naira initiative, confirming that the crude-for-naira policy will remain in place as a long-term strategic measure.
This resolution was reached during a meeting of the Technical Sub-Committee on the initiative, held on Tuesday to review its progress and address matters related to ongoing implementation.
In attendance were key stakeholders including the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who also chairs the Implementation Committee; Executive Chairman of the Federal Inland Revenue Service (FIRS) and Chairman of the Technical Sub-Committee, Zacch Adedeji; and Chief Financial Officer of NNPC Limited, Dapo Segun.
Also present were representatives from NNPC Trading, Dangote Petroleum Refinery and Petrochemicals, 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), Afreximbank, and the Committee’s Secretary, Hauwa Ibrahim.
In a joint statement, the stakeholders reiterated the Federal Executive Council’s directive to fully implement the initiative, describing it as a critical policy shift aimed at strengthening local refining capacity, improving energy security, and reducing the nation’s dependence on foreign exchange in petroleum transactions.
“The Crude and Refined Product Sales in Naira initiative is not a temporary or time-bound intervention,” the Committee stated. “It is a key policy directive designed to support sustainable local refining, bolster energy security, and reduce reliance on foreign exchange in the domestic petroleum market.”
While acknowledging that challenges may arise in the course of implementation, the Committee assured the public that such issues are being proactively addressed through coordinated stakeholder efforts.
“The initiative remains in effect and will continue for as long as it aligns with the public interest and supports national economic objectives,” the statement concluded.
The policy is expected to boost local economic resilience and contribute significantly to Nigeria’s broader economic reforms.
