FG reaffirms commitment to sale of crude refined product in Naira

By Seun Ibiyemi

The Federal Ministry of Finance has restated the government’s unwavering commitment to the Crude and Refined Product Sales in Naira initiative during an update meeting held in Abuja today.

The session, presided over by the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, brought together key stakeholders to assess the progress and implementation of the policy.

The initiative, endorsed by the Federal Executive Council (FEC), is a critical component of Nigeria’s economic strategy aimed at promoting sustainable local refining, enhancing energy security, and reducing dependency on foreign exchange in the domestic petroleum market.

During the meeting, stakeholders emphasized the importance of coordinated efforts to overcome implementation challenges, stressing that the policy remains in effect and aligned with national economic interests.

Present at the meeting were Dr. Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service (FIRS) and Chairman of the Technical Sub-Committee; Mr. Dapo Segun, Chief Financial Officer of NNPC Limited; the Coordinator of NNPC Refineries; representatives from NNPC Trading, Dangote Petroleum Refinery, and Petrochemicals; as well as senior officials from regulatory agencies including 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), and Afreximbank.

The meeting concluded with a strong message of unity and forward momentum, positioning the Crude and Refined Product Sales in Naira initiative as a transformative policy for Nigeria’s economic resilience and future growth.