The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has reaffirmed that the Technical Sub-Committee on Crude and Refined Product Sales in Naira is moving forward with the federal governmentโs plan to conduct crude oil and refined product transactions in the local currency.
This initiative forms part of President Bola Tinubuโs wider economic strategy to stabilise the Naira, enhance energy security, and strengthen local value addition within Nigeriaโs petroleum sector.
During a committee meeting in Abuja, Edun, who chairs the panel, expressed satisfaction with the level of inter-agency cooperation and the engagement of key stakeholders.
According to a statement from the Finance Ministry on Saturday, the meeting assessed the policyโs implementation milestones and acknowledged the progress made since the last session.
In attendance were major players in the oil and gas industry, including the Executive Chairman of the Federal Inland Revenue Service (FIRS) and Chairman of the Technical Sub-Committee, Mr. Zacch Adedeji; the Special Adviser to the President on Energy, Ms. Olu Verheijen; and senior officials from the Nigerian National Petroleum Company Limited (NNPCL).
Also present were representatives from local refining firms and regulatory bodies such as the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and the Nigerian Ports Authority (NPA).
Edun added that the naira-for-crude initiative is expected to lessen Nigeriaโs reliance on foreign exchange for domestic energy transactions while boosting investment in local refining capacity.
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