FG Claims Naira-for-Crude Initiative Intact

According to a statement from the Ministry of Finance, the scheme is still in effect and will continue immediately, overruling the decision of the NNPC Limited under its immediate past chief executive, Mr Mele Kyari, which tenured the programme.

It affirmed that 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.

The statement followed a meeting led by the Minister of Finance Wale Edun, with stakeholders, including the Chairman of the Technical Sub-Committee and Executive Chairman of the Federal Inland Revenue Service (FIRS), Mr Zacch Adedeji and the Chief Financial Officer of NNPC Limited, Mr Dapo Segun; the Coordinator of NNPC Refineries; Management of NNPC Trading.

Others included the representatives of Dangote Petroleum Refinery and Petrochemicals; and senior officials from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Central Bank of Nigeria (CBN), the Nigerian Ports Authority (NPA), representative of Afreximbank, as well as the Secretary of the Committee, Mrs Hauwa Ibrahim.

The statement noted that the stakeholders reaffirmed the government’s continued commitment to the full implementation of this strategic initiative, as directed by the Federal Executive Council (FEC).

“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 initiative remains in effect and will continue for as long as it aligns with the public interest and supports national economic objectives,” the statement concluded.