Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, says the Technical Sub-Committee on the Crude and Refined Product Sales in Naira will go ahead with the implementation of the Federal Government’s initiative to conduct crude oil and refined product transactions in naira.
The arrangement is part of President Bola Tinubu’s broader economic strategy to stabilise the Naira, improve energy security, and deepen local value addition within Nigeria’s petroleum sector.
At a meeting of the committee in Abuja, Edun, who is the chairman of the panel, expressed satisfaction with the level of inter-agency collaboration and the involvement of relevant stakeholders.
A statement by the Federal Ministry of Finance, on Saturday, said the meeting reviewed the implementation milestones of the policy and noted progress made since its last engagement.
Major players in the oil and gas industry, including the Executive Chairman of the Federal Inland Revenue Service (FIRS) and Chairman of the Technical Sub-Committee, Mr. Zacch Adedeji; Special Adviser to the President on Energy, Ms. Olu Verheijen, and senior officials of the Nigerian National Petroleum Company Limited attended the meeting.
Representatives of local refining companies and regulatory agencies such as the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Ports Authority (NPA), were also present.
The Minister further stated that the naira-for-crude initiative is expected to reduce Nigeria’s dependency on foreign exchange for domestic energy transactions.
He added that it would encourage investments in local refining capacity.
