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FG Reaffirms Commitment to Naira-Based Petroleum Sales as Long-Term Policy
The Federal Government has restated its dedication to conducting crude oil and refined petroleum product transactions in naira, clarifying that the policy is not a temporary measure.
The confirmation came during a meeting of the Technical Sub-Committee overseeing the initiative on Tuesday, attended by key stakeholders. Among them were the Minister of Finance and Coordinating Minister of the Economy, Wale Edun; the Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji; NNPC Limited’s Chief Financial Officer, Dapo Segun; and representatives from the Dangote Petroleum Refinery, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Central Bank of Nigeria (CBN), Nigerian Ports Authority (NPA), Afreximbank, and other industry leaders.
Endorsed by the Federal Executive Council (FEC), the policy seeks to boost domestic refining, improve energy security, and lessen reliance on foreign exchange.
In a statement on X, the government acknowledged possible hurdles but assured that implementation is progressing, with stakeholders collaborating to resolve emerging challenges. The move is designed to support NNPC refineries, the Dangote Refinery, and other local producers by mandating naira-denominated crude oil transactions.
Despite lingering concerns about market adjustment, exchange rate stability, and industry adherence, the government emphasized that the policy will remain in force as long as it serves national economic interests and public welfare.
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