The federal government yesterday assured Nigerians that its Crude-for-Naira initiative would continue for as long as it aligns with public interest and supports the national economy.
The assurance followed a meeting in Abuja of the Technical Sub-Committee on the Crude and Refined Product Sales in Naira initiative, which was chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
The sale of crude oil and refined petroleum products in naira to local refineries commenced on October 1, 2024, in a bid to bolster supply, save the country of the much-needed hundreds of millions of dollars in petroleum products imports, and ultimately reduce pump prices.
However, on March 10, 2025, the Nigerian National Petroleum Company Limited (NNPCL) halted the initiative until 2030, having reportedly sold all its crude in advance.
In response to that, on March 19, the Dangote Petroleum Refinery announced a temporary halt on the sale of petroleum products in naira.
The decision to halt sales in naira, the company had said, was “necessary to avoid a mismatch between our sales proceeds and our crude oil purchase obligations, which are currently denominated in U.S. dollars.”
