BREAKING: FEC Directs Immediate Implementation of Naira-for-Crude Policy

The Federal Executive Council (FEC) has officially directed the full implementation of the previously suspended Naira-for-Crude agreement with local refiners.

The Ministry of Finance disclosed this on Wednesday via its official X handle in a statement titled “Update on the Crude and Refined Product Sales in Naira Initiative.”

The first phase of the six-month deal — involving the Federal Government, the Nigerian National Petroleum Company Limited (NNPCL), and Dangote Petroleum Refinery — expired on March 31, 2025. It was not renewed, leading the Dangote refinery to halt the sale of refined petroleum products in naira.

However, following a high-level meeting on Tuesday to assess progress and address implementation challenges, the government reaffirmed its commitment to the initiative.

According to the ministry, the Naira-for-Crude policy is not a temporary measure but a long-term strategic directive aimed at promoting sustainable local refining and reducing Nigeria’s dependence on foreign exchange for petroleum products.

“The Technical Sub-Committee on the Crude and Refined Product Sales in Naira initiative convened an update meeting on Tuesday to review progress and address ongoing implementation matters,” the statement said.

“Stakeholders reaffirmed the government’s unwavering commitment to the full implementation of this strategic initiative, as directed by the Federal Executive Council.”

It further emphasized that the initiative is a “key policy directive designed to support sustainable local refining, bolster energy security, and reduce reliance on foreign exchange in the domestic petroleum market.”

More details to follow...