Crude-For-Naira Deal: Govt Stands Firm On Policy’s Continuation Amid Rising Concerns

Crude-For-Naira Deal: Govt Stands Firm On Policy’s Continuation Amid Rising Concerns

The federal government’s Crude-for-Naira initiative will persist, as confirmed by the Technical Sub-Committee overseeing the sale of crude and refined products.………READ MORE 

The Sub-Committee met on Tuesday to assess progress and address ongoing implementation issues. Among the key figures present were Wale Edun, Minister of Finance and Coordinating Minister of the Economy; Zacch Adedeji, Chairman of the Technical Sub-Committee and Executive Chairman of FIRS; and Dapo Segun, CFO of NNPC Limited. Other stakeholders included representatives from NNPC, Dangote Petroleum Refinery, Nigerian Ports Authority (NPA), Afreximbank, and the Central Bank of Nigeria (CBN).

During the meeting, it was reaffirmed that the policy is not a temporary measure but a long-term strategy to support local refining, improve energy security, and reduce reliance on foreign exchange in the petroleum sector.

“The initiative remains in effect as it aligns with the nation’s economic goals,” the Committee stated, adding that while implementation challenges might arise, they are actively being addressed. The policy is set to continue as long as it serves the public interest.