The Federal Government has announced that the policy of selling crude oil and refined products in Naira is still in effect and will continue indefinitely.
The ministry of finance announced on Monday, after a meeting between the technical sub-committee on the crude and refined product sales in naira initiative, Wale Edun, minister of finance, and Zacch Adedeji, the chairman of the committee and the executive chairman of the Federal Inland Revenue Service (FIRS)
The statement from Ministry of Finance reads: “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 sale of crude oil and refined petroleum products in naira to local refineries commenced on October 1, 2024, to improve supply, save the country millions of dollars in petroleum products imports, and ultimately reduce pump prices.
On March 10, it was reported that the NNPC had halted the naira-for-crude deal until 2030, as the government-owned company has forward-sold all its crude oil.
