The Federal Executive Council has officially directed the full continuation and implementation of the suspended Naira-for-Crude agreement with local refiners.
The Ministry of Finance disclosed this on its official X handle on Wednesday in a statement titled “Update on the Crude and Refined Product Sales in Naira Initiative.”
This follows a meeting of the technical sub-committee on crude and refined product sales in naira initiative, on Tuesday, to review progress and tackle ongoing issues.
The first phase of the six-month deal involving the Federal Government, Nigerian National Petroleum Company Limited (NNPCL), and Dangote Petroleum Refinery ended March 31, 2025.
Prior to the end of the deal, the Dangote Refinery had announced the suspension of the sale of refined petroleum products in naira due to the non-renewal of the naira-for-crude deal.
In the statement on Wednesday, the federal government said the policy is not temporary but a long-term plan to cut Nigeria’s dependence on foreign exchange for petroleum.
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 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.”
