The Federal Govt Council has directed the total implementation of the Naira-for-Crude initiative aimed toward strengthening Nigeria’s native refining capability and decreasing reliance on overseas alternate for petroleum merchandise.
The Ministry of Finance disclosed this in an announcement titled “Replace on the Crude and Refined Product Gross sales in Naira Initiative,” shared on its X deal with on Wednesday, April 9.
This comes simply days after the preliminary six-month section of the deal between the Federal Authorities, NNPC Restricted, and Dangote Petroleum Refinery ended on March 31 with out renewal—prompting the refinery to renew gross sales in overseas alternate.
Within the newest replace, the federal government clarified that the Naira-for-Crude scheme isn’t a brief repair however a long-term technique.
“The stakeholders reaffirmed the federal government’s continued dedication to the total implementation of this strategic initiative, as directed by the Federal Govt Council,” the assertion mentioned.
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It continued, “Thus, the Crude and Refined Product Gross sales in Naira initiative isn’t a brief or time-bound intervention, however a key coverage directive designed to assist sustainable native refining, bolster power safety, and scale back reliance on overseas alternate within the home petroleum market.”
“As with all main coverage shift, the Committee acknowledges that implementation challenges could come up occasionally. Nevertheless, such points are being actively addressed by way of coordinated efforts amongst all events.
“The initiative stays in impact and can proceed for so long as it aligns with the general public curiosity and helps nationwide {economic} aims,” the assertion added.
Based on the assertion, Tuesday’s assembly convened by the Technical Sub-Committee reviewed progress and addressed implementation points.
The session was attended by the Minister of Finance, Wale Edun; FIRS Chairman, Zacch Adedeji; NNPC officers; representatives from Dangote Refinery; and different main stakeholders in Nigeria’s oil, regulatory, banking, and maritime sectors.
