Monday, May 12, 2025 - Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has reaffirmed that the federal government is moving forward with its initiative to conduct crude oil and refined product transactions in naira.
The plan, being implemented through the Technical
Sub-Committee on Crude and Refined Product Sales in Naira, is a key component
of President Bola Tinubu’s broader economic strategy aimed at stabilising the
naira, enhancing energy security, and promoting local value addition in the
petroleum sector.
Edun, who chairs the panel, expressed satisfaction with the
progress made and praised the level of inter-agency collaboration during a
committee meeting held in Abuja. According to a statement from the Ministry of
Finance, the meeting reviewed milestones achieved since the last engagement and
highlighted ongoing implementation efforts.
In attendance were notable stakeholders in the oil and gas
sector, including Zacch Adedeji, Executive Chairman of the Federal Inland
Revenue Service (FIRS) and Chairman of the Technical Sub-Committee; Olu
Verheijen, Special Adviser to the President on Energy; and senior
representatives from the Nigerian National Petroleum Company Limited (NNPCL).
Also present were officials from the Nigerian Midstream and Downstream
Petroleum Regulatory Authority (NMDPRA), the Nigerian Upstream Petroleum
Regulatory Commission (NUPRC), the Nigerian Ports Authority (NPA), and local
refining companies.
Edun stated that the naira-for-crude initiative is designed
to reduce Nigeria’s dependence on foreign exchange for energy-related
transactions and to incentivise increased investment in domestic refining
infrastructure.
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