The Nigerian government has declared that the naira-for-crude sale deal with Dangote Refinery and other local refineries, facilitated through the Nigerian National Petroleum Company Limited, NNPCL, remains effective.
The Technical Sub-Committee on the Crude and Refined Product Sales in Naira Initiative gave this update in a statement on Wednesday after meeting with stakeholders on Tuesday.
According to the committee the naira-for-crude deal 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.
It therefore reaffirmed that “the initiative remains in effect and will continue for as long as it aligns with the public interest and supports national economic objectives”.
Parts of the statement released on the Federal Ministry of Finance’s X account on Wednesday read, “The stakeholders reaffirmed the government’s continued commitment to the full implementation of this strategic initiative, as directed by the Federal Executive Council (FEC).
“Thus, 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 committee added that the challenges encountered in the implementation of the naira-for-crude deal are being addressed through coordinated efforts.
“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 statement said.
The meeting was attended by the Chairman of the Implementation Committee, Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun; the Chairman of the Technical Sub-Committee and Executive Chairman of the Federal Inland Revenue Service (FIRS), Mr. Zacch Adedeji; the Chief Financial Officer of NNPC Limited, Mr. Dapo Segun; the Coordinator of NNPC Refineries; Management of NNPC Trading as well as representatives of Dangote Petroleum Refinery and Petrochemicals.
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, Hauwa Ibrahim, were equally in attendance.
Recall that on March 19, Dangote Refinery suspended the sale of its petroleum products in naira due to a stalemate in the naira-for-crude deal which subsequently led to increase in fuel price.
