The federal government, on Wednesday, reaffirmed its commitment to continue the crude oil and refined product sales in Naira.

The federal government said the initiative remained a standing national policy with no end in sight.

The policy, which mandates the transaction of crude oil and refined petroleum products in Naira, is aimed at strengthening the country?s economic sovereignty, enhancing local refining capacity, and stabilizing the foreign exchange market by reducing the demand for dollars in domestic petroleum transactions.

The ministry explained that this policy is structured to foster energy security and encourage investment in domestic refining infrastructure.

The statement read: ?The Crude and Refined Product Sales in Naira initiative is not a temporary or time-bound intervention, but a key policy directive designed to support sustainable local refining, bolster energy security, and reduce reliance on foreign exchange in the domestic petroleum market.?

The government admitted that existing challenges facing the policy are being systematically addressed.

?As with any major policy shift, the Committee acknowledges that implementation challenges may arise from time to time. However, such issues are being actively addressed through coordinated efforts among all parties,? the ministry said.

To assess the progress made and address lingering implementation issues, the Technical Sub-Committee on the Crude and Refined Product Sales in Naira initiative held a review meeting on Tuesday. The gathering brought together key figures involved in the execution of the policy.

Among the attendees were the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, who chairs the Implementation Committee; and the Executive Chairman of the Federal Inland Revenue Service (FIRS), Mr. Zacch Adedeji, who heads the Technical Sub-Committee.

Also present were the Chief Financial Officer of NNPC Limited, Mr. Dapo Segun; the Coordinator of NNPC Refineries; Management of NNPC Trading; Also present were the Chier Financial Officer of NNPC Limited, Mr. Dapo Segun; the Coordinator of NNPC Refineries; Management of NNPC Trading; representatives from the Dangote Petroleum Refinery and Petrochemicals; and senior officials from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Central Bank of Nigeria (CBN), and the Nigerian Ports Authority (NPA). A representative from Afreximbank and the Secretary of the Committee, Hauwa Ibrahim, also attended.

The policy is expected to support local content development and ease pressure on Nigeria?s foreign reserves.

According to a statement posted Wednesday morning via its official X (formerly Twitter) handle, the Federal Ministry of Finance clarified that the policy is not a temporary measure but a long-term strategic directive aimed at strengthening Nigeria?s economy.

The ministry said that stakeholders have reconvened to reiterate their full support and ongoing commitment to ensuring the successful implementation of the initiative.

The policy, which mandates the transaction of crude oil and refined petroleum products in Naira, is aimed at strengthening the country?s economic sovereignty, enhancing local refining capacity, and stabilizing the foreign exchange market by reducing the demand for dollars in domestic petroleum transactions.

The ministry explained that this policy is structured to foster energy security and encourage investment in domestic refining infrastructure.

The statement read: ?The Crude and Refined Product Sales in Naira initiative is not a temporary or time-bound intervention, but a key policy directive designed to support sustainable local refining, bolster energy security, and reduce reliance on foreign exchange in the domestic petroleum market.?

The government admitted that existing challenges facing the policy are being systematically addressed.

?As with any major policy shift, the Committee acknowledges that implementation challenges may arise from time to time. However, such issues are being actively addressed through coordinated efforts among all parties,? the ministry said. (Nigerian Tribune)

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