Wale Edun, the minister of finance and coordinating minister
of the economy, has promised to provide further updates on the naira-for-crude
deal in due course.
In a statement on Friday, Mohammed Manga, the ministry’s
director of information and public relations, said a meeting of the technical
subcommittee on the crude and refined product sales in naira initiative convened
on Thursday.
Speaking at the meeting, Edun commended the “continued
collaboration across agencies and partners, promising to provide further
updates in due course”.
According to the statement, the session reviewed
implementation milestones and recorded progress since the last engagement.
Manga said the meeting, chaired by Edun, was attended by
Zacch Adedeji, executive chairman of the Federal Inland Revenue Service (FIRS)
and chairman of the technical subcommittee, and Olu Verheijen, special adviser
to the president on energy.
Also present at the meeting were senior representatives of
the Nigerian National Petroleum Company (NNPC) Limited, local refining
operators, and regulatory institutions, including the Nigerian Midstream and
Downstream Petroleum Regulatory Authority (NMDPRA), the Nigerian Upstream
Petroleum Regulatory Commission (NUPRC), and the Nigerian Ports Authority
(NPA).
Stakeholders were said to have reaffirmed their shared
commitment to the effective and seamless execution of the policy, “which
remains a critical component of President Bola Tinubu’s broader strategy” to
strengthen the naira, enhance energy security, and promote local value addition
within the sector.
Nigeria commenced the sale of crude oil and refined
petroleum products in naira to local refineries on October 1, 2024, to improve
supply, save the country millions of dollars in petroleum products imports, and
ultimately reduce pump prices.
On March 10, TheCable reported that the NNPC had halted the
naira-for-crude deal until 2030, as the government-owned company has
forward-sold all its crude oil.
Days later, the Dangote refinery said it had temporarily
halted the sale of petroleum products in naira.
However, on April 9, the federal government said the
naira-for-crude oil deal will continue after the first phase, which ended on
March 31.
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