The Technical Sub-Committee on the Naira-for-Crude Policy has held a meeting for the review of the policy.
The meeting, which held on Thursday, had in attendance the Minister of Finance and Coordinating Minister of the Economy, Wale Edun (who joined virtually), the Executive Chairman of the Federal Inland Revenue Service, Dr Zacch Adedeji, the Chief Financial Officer of the Nigerian National Petroleum Company, and the Executive Commissioner of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (who also joined virtually).
Others in attendance were the Special Adviser to the Minister, Nana Ibrahim, the Coordinator of NNPC Refineries, as well as representatives from the Nigerian Upstream Petroleum Regulatory Commission, the Central Bank of Nigeria, Dangote Petroleum Refinery, and NNPC Trading Ltd.
Sources at the meeting said the committee discussed ways of sustaining the policy among other things, with the various stakeholders making presentations.
One source said that while the NNPC presented a crude delivery report detailing the volume of crude oil allocated for domestic refining under the policy, the NMDPRA provided a domestic production report covering the Dangote Petroleum Refinery and Petrochemicals, NNPC Warri Refinery, and Port Harcourt Refinery, and the NUPRC gave an update on crude availability for local refining to ensure a steady supply for domestic refiners.
Representatives from Dangote Refinery and NNPC Refineries also provided updates on local refineries.
The NNPC Ltd had earlier disclosed that it had commenced talks with Dangote Refinery for the possible renewal of the naira-for-crude agreement as the current agreement ends on March 31st.
This followed reports that the agreement had been terminated.
Meanwhile, the NNPC Ltd disclosed that under the subsisting agreement, which commenced in October 2024, it supplied 48 million barrels of crude oil to the Dangote Refinery, while a total of 84 million barrels had been supplied to the refinery since it commenced operations in 2023.
