FG’s Bold Move: Crude-for-Naira Initiative Gains Traction Amid Economic Pressure!”

The technical subcommittee overseeing the Crude and Refined Product Sales in Naira Initiative has convened a new meeting, reaffirming its commitment to provide timely updates on the initiative’s progress.

In a statement released on Friday, the Director of Information and Public Relations at the Ministry of Finance, Mohammed Manga, disclosed that the meeting was chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.

The meeting, which took place on Thursday, assessed the milestones achieved since the previous session and reviewed ongoing implementation progress.

Minister Edun acknowledged the steady progress and assured Nigerians that more detailed updates on the crude-for-naira arrangement would be shared in due course. He praised the sustained inter-agency collaboration, emphasizing the importance of joint efforts in driving the initiative forward.

Present at the meeting were the Executive Chairman of the Federal Inland Revenue Service (FIRS) and Chair of the technical subcommittee, Zacch Adedeji, and the Special Adviser to the President on Energy, Olu Verheijen. Other attendees included senior representatives from the Nigerian National Petroleum Company (NNPC) Limited, local refining operators, and key regulatory bodies such as the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and the Nigerian Ports Authority (NPA).

Stakeholders at the meeting reiterated their commitment to the smooth implementation of the policy, describing it as a vital part of President Bola Tinubu’s broader economic strategy aimed at stabilizing the naira, ensuring energy security, and boosting local value creation in the oil and gas sector.