The Federal Executive Council 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.
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 meeting was attended by the Chairman of the Implementation Committee, Hon. Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun; the Chairman of the Technical Sub-Committee and Executive Chairman of the Federal Inland Revenue Service (FIRS), Mr. Zacch Adedeji; the Chief Financial Officer of NNPC Limited, Mr. Dapo Segun; the Coordinator of NNPC Refineries; Management of NNPC Trading; representatives of Dangote Petroleum Refinery and Petrochemicals; and senior officials from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Central Bank of Nigeria (CBN), the Nigerian Ports Authority (NPA), representative of Afreximbank, as well as the Secretary of the Committee, Hauwa Ibrahim.
“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.
“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 initiative remains in effect and will continue for as long as it aligns with the public interest and supports national economic objectives.
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