No Going Back On Naira-For-Crude implementation – FG

Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has reaffirmed that the federal government is moving forward with its initiative to conduct crude oil and refined product transactions in naira.

The plan, being implemented through the Technical Sub-Committee on Crude and Refined Product Sales in Naira, is a key component of President Bola Tinubu’s broader economic strategy aimed at stabilising the naira, enhancing energy security, and promoting local value addition in the petroleum sector.

Edun, who chairs the panel, expressed satisfaction with the progress made and praised the level of inter-agency collaboration during a committee meeting held in Abuja. According to a statement from the Ministry of Finance, the meeting reviewed milestones achieved since the last engagement and highlighted ongoing implementation efforts.

In attendance were notable stakeholders in the oil and gas sector, including Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service (FIRS) and Chairman of the Technical Sub-Committee; Olu Verheijen, Special Adviser to the President on Energy; and senior representatives from the Nigerian National Petroleum Company Limited (NNPCL). Also present were officials from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Nigerian Ports Authority (NPA), and local refining companies.

Edun stated that the naira-for-crude initiative is designed to reduce Nigeria’s dependence on foreign exchange for energy-related transactions and to incentivise increased investment in domestic refining infrastructure.