Abuja, April 9, 2025 – The Federal Executive Council (FEC) on Wednesday directed the full implementation of the suspended Naira-for-Crude sale policy.
The Ministry of Finance disclosed this through a statement titled “Update on the Crude and Refined Product Sales in Naira Initiative,” posted on its X handle.
It said the decision was the outcome of the meeting of the Technical Sub-Committee on the Crude and Refined Product Sales in Naira initiative held on Tuesday to review the policy.
The statement reads: “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.
“The policy, which mandates the transaction of crude oil and refined petroleum products in Naira, is aimed at strengthening the country’s economic sovereignty, enhancing local refining capacity, and stabilising the foreign exchange market by reducing the demand for dollars in domestic petroleum transactions.
“While acknowledging that the transition involves complexities, the government admitted that existing challenges are being systematically addressed.
“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 Ministry said.
The naira for crude policy has been suspended for sometime following agitations by some crude oil retailers that the arrangement was due for a review because of some inherent problems. (GBN)
