The Minister of Finance Wale Edun in a recent meeting with representatives of the Dangote Refinery on has said that the naira-for-crude is still in effect.
The Federal Executive Council formally ordered the full implementation of the previously suspended Naira-for-Crude agreement with local refiners. According to the Federal Government, the initiative is not a temporary measure but a “key policy directive designed to support sustainable local refining”.
The government also said the initiative is still in effect and will continue immediately, overruling the decision of the NNPCL under its former boss Mele Kyari which tenured the initiative.
In a post on its official X handle on Wednesday, the Ministry of Finance said the Technical Sub-Committee on the Crude and Refined Product Sales in Naira initiative met on Tuesday to review progress and address ongoing implementation matters.
The meeting was attended by Edun, the Chairman of the Implementation Committee; the Chairman of the Technical Sub-Committee and Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji; the Chief Financial Officer of NNPCL, Dapo Segun; the Coordinator of NNPC Refineries; Management of NNPC Trading; representatives of Dangote Petroleum Refinery and Petrochemicals.