No Change In Naira-for-Crude Policy, Says Presidential Committee

No Change In Naira-for-Crude Policy, Says Presidential Committee

The Technical Sub-Committee overseeing the Federal Government’s policy on the domestic sale of crude oil and refined products in naira has refuted reports claiming that the naira-based crude oil supply arrangement with local refineries has been discontinued. The committee’s chairman, Zacch Adedeji, emphasized that these reports misrepresent the ongoing initiatives under the Federal Executive Council’s program…….READ MORE

The committee clarified that the naira-based crude oil sale framework remains operational, as it was designed to ensure supply stability and maximize local refining capacity. There has been no decision to halt this policy, which has proven beneficial for the economy. Furthermore, local refineries continue to have access to domestic crude through structured agreements, with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) ensuring compliance with the Petroleum Industry Act’s provisions.

The committee also highlighted that the initiative aims to foster competitive pricing and market efficiency while contributing to the growth of local refining and reducing foreign exchange dependence. The committee remains dedicated to successfully implementing this initiative to stabilize domestic fuel supplies.