Despite Challenges, Naira-for-Crude Deal to Continue – FG

The Federal Government says it will continue with the naira-for-crude oil exchange initiative, following the conclusion of its first phase on March 31.

This decision was announced on Monday after a meeting of the technical sub-committee overseeing the policy. Present at the meeting were the Minister of Finance, Wale Edun, and the Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, who also chairs the committee.

Other participants included representatives from the Dangote Petroleum Refinery; Dapo Segun, Chief Financial Officer of the Nigerian National Petroleum Company (NNPC) Limited; officials from NNPC Trading; the Nigerian Upstream Petroleum Regulatory Commission (NUPRC); and other stakeholders, including the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Central Bank of Nigeria (CBN), the Nigerian Ports Authority (NPA), and Afreximbank. Hauwa Ibrahim, the committee secretary, was also in attendance.

A statement issued by the Ministry of Finance said the stakeholders “reaffirmed the government’s continued commitment to the full implementation of this strategic initiative, as directed by the Federal Executive Council (FEC).”

It emphasized that the crude-for-naira arrangement “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.”

While acknowledging difficulties in rolling out the policy, the committee said “implementation challenges may arise from time to time,” but added that such issues are being addressed through joint efforts among relevant agencies.

The ministry stressed that the initiative will remain in place “for as long as it aligns with the public interest and supports national economic objectives.”

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