FG Begins Crude-for-Naira Transactions

Federal government says it has officially commenced the sale of crude oil and refined petroleum products in naira.

The minister of finance and coordinating minister of the economy, Wale Edun announced that in line with the Federal Executive Council (FEC) directive, the sale of crude oil and refined petroleum products in naira officially commenced as of October 1, 2024, the ministry said in a statement yesterday.

“Following a meeting of the implementation committee, chaired by the minister to conduct a post-commencement review of the crude oil and refined products sales in naira initiative, the commencement of this strategic initiative was affirmed by key stakeholders,” said the statement issued by the director of information in the ministry, Mohammed Manga.

The minister was said to have made the disclosure at a stakeholders’ meeting that brought together government functionaries including the minister of state, petroleum (oil), special adviser to the president on revenue, the special adviser to the president on energy, the chief executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), representative of the chairman of Dangote Group, the vice president of Dangote Group and the management of the Nigerian National Petroleum Company (NNPC) led by the group CEO, chief financial officer and executive vice president (Dowstream).

“The strategic initiative and bold step taken by the President Bola Tinubu-led administration is expected to have a lasting impact on Nigeria’s economy, fostering growth, stability and self-sufficiency, especially as the country continues to navigate the complexities of global markets, this strategic move positions Nigeria for success in the years to come,” Manga stated.