No going back on Naira-for-crude implementation – FG
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has reaffirmed the federal government’s commitment to conducting crude oil and refined product transactions in naira.
Speaking at a meeting of the Technical Sub-Committee on Crude and Refined Product Sales in Naira, which he chairs, Edun described the initiative as a strategic move under President Bola Tinubu’s economic agenda to stabilise the naira, strengthen energy security, and boost local value addition in the petroleum sector.
The Ministry of Finance revealed that the meeting reviewed progress and ongoing implementation efforts, commending inter-agency collaboration. Attendees included key industry players such as FIRS Chairman Zacch Adedeji, Presidential Energy Adviser Olu Verheijen, and senior officials from NNPCL, NMDPRA, NUPRC, NPA, and domestic refining companies.
Edun noted that the naira-for-crude policy aims to reduce reliance on foreign exchange for energy transactions and attract more investment in Nigeria’s refining sector.
