Coordinating Minister of the Economy, Mr. Wale Edun, has reiterated that the Technical Sub-Committee on the Crude and Refined Product Sales in Naira is proceeding with the implementation of the federal government’s initiative to conduct crude oil and refined product transactions in naira.
The arrangement is part of President Bola Tinubu’s broader economic strategy to stabilise the Naira, improve energy security, and deepen local value addition within Nigeria’s petroleum sector.
Edun, during a meeting of the committee in Abuja, expressed satisfaction with the level of inter-agency collaboration and the involvement of relevant stakeholders.
The minister is the panel chairman.
The meeting, according to a statement by the Finance Ministry on Saturday, reviewed the implementation milestones of the policy and noted progress made since its last engagement.
In attendance were key players in the oil and gas industry including the Executive Chairman of the Federal Inland Revenue Service (FIRS) and Chairman of the Technical Sub-Committee, Mr. Zacch Adedeji; Special Adviser to the President on Energy, Ms. Olu Verheijen, and senior officials of the Nigerian National Petroleum Company Limited (NNPCL).
Also present were representatives of local refining companies and regulatory agencies such as the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Ports Authority (NPA).
Edun added that the naira-for-crude initiative is expected to reduce Nigeria’s dependency on foreign exchange for domestic energy transactions, while also encouraging investments in local refining capacity.
