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.
The committee clarified that 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”.
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.
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.”
Credit: dailypost.ng
