The Federal Government has clarified that its policy of allowing local refineries to pay for crude oil in naira is not a short-term fix but a “key policy directive designed to support sustainable local refining.”
The government also stated that this initiative remains active and will continue immediately, effectively overriding a previous decision by the Nigerian National Petroleum Company Limited (NNPCL) under its former leadership, Mele Kyari, which had placed a time limit on the program.
Minister of Finance Wale Edun affirmed the continuation of the naira-for-crude policy during a meeting with representatives from Dangote Refinery on Tuesday.
In a post on its official X (formerly Twitter) account on Wednesday, the Ministry of Finance announced that the Technical Sub-Committee on the Crude and Refined Product Sales in Naira initiative convened on Tuesday to assess progress and address ongoing implementation issues.
Attendees at the meeting included Minister Edun, who chairs the Implementation Committee; Zacch Adedeji, Chairman of the Technical Sub-Committee and Chairman of the Federal Inland Revenue Service (FIRS); Dapo Segun, Chief Financial Officer of NNPCL; the Coordinator of NNPC Refineries; management from NNPC Trading; and representatives from Dangote Petroleum Refinery and Petrochemicals.
Other participants included senior officials from 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), a representative from Afreximbank, and the Committee Secretary, Hauwa Ibrahim.
“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.
“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,” the statement read.
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