Stephen Ukandu, Umuahia
The Federal Executive Council has ordered the full implementation of the suspended Naira-for-Crude agreement with local refiners.
This is coming less than two weeks after the exercise which ended on March 31, was suspended.
The FEC directive was disclosed by the Ministry of Finance via a statement on its official X handle titled “Update on the Crude and Refined Product Sales in Naira Initiative.”
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.
Following the non renewal of the deal, Dangote refinery had early this month, stopped selling refined petroleum products in naira.
According to the FEC directive, the policy is not temporary but a long-term plan to cut Nigeria’s dependence on foreign exchange for petroleum.
“The initiative is not a temporary or time-bound intervention, but a key policy directive designed to support sustainable local refining, and bolster energy security,” the statement said.
It further read: “The Technical Sub-Committee on the Crude and Refined Product Sales in Naira initiative convened an update meeting on Tuesday to review progress and address ongoing implementation matters.
“The stakeholders reaffirmed the government’s continued commitment to the full implementation of this strategic initiative, as directed by the Federal Executive Council.
“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.”
