The Federal Executive Council has officially directed the full implementation of the suspended Naira-for-Crude agreement with local refiners
The Ministry of Finance disclosed this on its official X handle titled “Update on the Crude and Refined Product Sales in Naira Initiative,” on Wednesday.
Recall that the first phase of the six-month deal involving the Federal Government, Nigerian National Petroleum Company Limited, and Dangote Petroleum Refinery ended March 31, 2025.
It has not been renewed and the Dangote refinery has since stopped selling refined petroleum products in naira due to the non-renewal of the naira-for-crude deal.
In a new update on Wednesday, the committee said the policy is not temporary but a long-term plan to cut Nigeria’s dependence on foreign exchange for petroleum.
This came after a key meeting on Tuesday to review progress and tackle ongoing issues.
It added that initiative is not a temporary or time-bound intervention, but a key policy directive designed to support sustainable local refining, bolster energy security.
Follow Us on Facebook – @LadunLiadi; Instagram – @LadunLiadi; Twitter – @LadunLiadi; Youtube – @LadunLiadiTV for updates
Nice one
Noted