By Gwurld4026 
FG Assures Continuation of Crude Oil Sales in Naira
The Federal Government of Nigeria has confirmed the continuation of the Crude and Refined Product Sales in Naira initiative, emphasizing its role as a long-term strategic policy aimed at bolstering local refining capacity, enhancing energy security, and reducing reliance on foreign exchange for domestic petroleum transactions.
This reaffirmation follows a meeting of the Technical Sub-Committee overseeing the initiative, chaired by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun. The meeting included key stakeholders such as the Executive Chairman of the Federal Inland Revenue Service (FIRS), Mr. Zacch Adedeji; representatives from the Nigerian National Petroleum Company Limited (NNPCL); Dangote Petroleum Refinery and Petrochemicals; and other relevant agencies.
The initiative, which mandates conducting crude oil and refined petroleum product transactions in Naira, aims to strengthen Nigeria’s economic sovereignty by encouraging investment in domestic refining infrastructure and stabilizing the foreign exchange market. The government acknowledged potential implementation challenges but assured that such issues are being actively addressed through coordinated efforts among all parties involved.
