FG Continues Naira-For-Crude Policy To Boost Economy

THE Federal Government has reiterated its commitment to implementation of sales of crude and refined product in Naira, which it described as a strategic, long-term policy to bolster Nigeria’s energy independence and ease pressure on foreign exchange reserves.
This was arrived at a high-level meeting of the Technical Sub-Committee in charge of the policy’s rollout on Wednesday, April 9, which brought together top government and industry players to review progress and address challenges since its ’s launch.
The meeting was attended by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, who chairs the main Implementation Committee; Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, who also heads the Technical Sub-Committee; Chief Financial Officer of Nigeria National Petroleum Company Limited (NNPCL), Dapo Segun; representatives from NNPCL Trading; Dangote Refinery; Central Bank of Nigeria (CBN); Afreximbank; Nigerian Ports Authority (NPA) and petroleum regulatory bodies (NUPRC and NMDPRA), alongside Committee Secretary, Hauwa Ibrahim.
At the end, it was agreed that the policy, approved by the Federal Executive Council (FEC), is not a temporary measure, but a permanent part of the country’s broader economic transformation agenda.
According to Edun: “This is not a pilot project or short-term fix; it is a critical national policy designed to strengthen our economy, deepen Naira usage in strategic sectors and advance our energy self-sufficiency goals.”
Admitting operational challenges in the policy’s implementation, the Committee assured that such were being addressed through coordinated efforts across all relevant agencies and private sector partners.
“The policy is solidly on course. Thanks to our collaborative framework, we’re able to tackle any issues strategically and efficiently,” Adedeji added.
The officials stated that the policy would remain in place as long as it continues to serve Nigeria’s economic interests and drive progress toward a more self-reliant energy sector.