By Ayodele Oni
To further reduce Nigeria’s dependence on foreign exchange for petroleum, the Federal Executive Council, (FEC) has officially directed the full implementation of the suspended Naira-for-Crude agreement with local refiners
The Ministry of finance disclosed this on its official X handle titled “Update on the Crude and Refined Product Sales in Naira Initiative,” on Wednesday.
Recall that 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.
It has not been renewed and the Dangote refinery has since stopped selling refined petroleum products in naira due to the non-renewal of the naira-for-crude deal.
The has led to upward review of petrol which hitherto sold between N800 and N900 early this year.
In a new update on Wednesday, the committee said the policy is not temporary but a long-term plan to cut Nigeria’s dependence on foreign exchange for petroleum.
This came after a key meeting on Tuesday to review progress and tackle ongoing issues.
It added that initiative is not a temporary or time-bound intervention, but a key policy directive designed to support sustainable local refining, bolster energy security.
The statement 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.”
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