FEC Orders Immediate Resumption and Full Implementation of Naira-for-Crude Policy
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The Federal Executive Council (FEC) has officially directed the full and immediate implementation of the previously suspended Naira-for-Crude policy with local refiners.
According to the government, the initiative is not a short-term solution but a major policy aimed at encouraging local refining, strengthening energy security, and reducing dependence on foreign exchange in the petroleum sector.
This move overrides an earlier decision by the Nigerian National Petroleum Company Limited (NNPCL), under its former Group Chief Executive Officer Mele Kyari, which had placed the initiative on hold.
The Minister of Finance, Wale Edun, reaffirmed the policy’s status during a meeting on Tuesday with representatives of the Dangote Refinery. He stated clearly that the naira-for-crude deal remains active and is a key part of Nigeria’s energy and economic strategy.
A statement posted on the Ministry of Finance’s official X (formerly Twitter) handle on Wednesday confirmed that a meeting of the Technical Sub-Committee on the Crude and Refined Product Sales in Naira initiative was held to review progress and tackle current implementation challenges.
Present at the meeting were Finance Minister Wale Edun, who chairs the Implementation Committee; FIRS Chairman Zacch Adedeji, who also leads the Technical Sub-Committee; NNPCL Chief Financial Officer Dapo Segun; officials from NNPC Refineries and NNPC Trading; as well as representatives from Dangote Refinery.
Also in attendance were top 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), a representative of Afreximbank, and the Committee Secretary, Hauwa Ibrahim.
The stakeholders at the meeting reaffirmed the government’s firm commitment to fully implementing the policy as directed by FEC.
“The Crude and Refined Product Sales in Naira initiative is not a temporary or stopgap measure. It is a key policy directive meant to drive sustainable local refining, ensure energy security, and reduce reliance on foreign exchange in our domestic fuel market,” the statement read.
The committee acknowledged that there may be some challenges during implementation, but assured that all concerns are being addressed through collaboration among stakeholders.
The policy, the statement concluded, will remain in place as long as it continues to serve the public interest and support national economic goals.
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