Oladele Oduniyi
The Federal Executive council has reaffirmed its support for the ongoing Naira-for- Crude Policy.
According to documents from the Federation Account Allocation Committee (FAAC), the Federal Government has sold crude oil valued at ₦219.38 billion to the Dangote Petroleum Refinery between January and April 2025,
The crude deliveries, totaling 1,901,850 barrels, were supplied by the Nigerian National Petroleum Company Limited (NNPCL) from the Okwuibome field, operated under Production Sharing Contracts by Sterling Oil Exploration & Energy Production Company and Nigerian Agip Exploration.
Sales were executed at prices ranging between $74.87 and $80.34 per barrel, using exchange rates of ₦1,501.22/$ to ₦1,562.91/$, as advised by the Central Bank of Nigeria. Payments were made in naira under terms guided by Afreximbank exchange references.
Monthly supply to the refinery increased steadily, from ₦17.52 billion in January to ₦111.95 billion in April. The refinery received ₦32.95 billion worth of crude in February and ₦56.97 billion in March.
In April, the Dangote Refinery temporarily suspended local sales of its petroleum products, citing misalignment between crude procurement and product revenue. The development led to a brief pause in domestic crude allocations.
Subsequently, the Federal Executive Council reaffirmed its support for the ongoing naira-for-crude policy, describing it as a long-term initiative aimed at strengthening domestic refining capacity. A follow-up meeting by the relevant sub-committee confirmed continued efforts toward full implementation of the policy.