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FG Reiterates Commitment to Naira-for-Crude Oil Initiative

The Federal Government has reaffirmed its commitment to the naira-for-crude oil initiative, despite the conclusion of its first phase on March 31, 2025. This was announced in a statement released by the Federal Ministry of Finance following a high-level meeting of the Technical Sub-Committee on the Crude and Refined Product Sales in Naira initiative 

The meeting, chaired by Minister of Finance and Coordinating Minister of the Economy, Wale Edun, brought together key stakeholders, including:

- Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service (FIRS)

- Dapo Segun, Chief Financial Officer of Nigerian National Petroleum Company (NNPC) Limited

- Representatives from Dangote Petroleum Refinery and Petrochemicals

- Officials from regulatory bodies, such as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA)

The naira-for-crude oil initiative aims to:

- Support sustainable local refining

- Bolster energy security

- Reduce reliance on foreign exchange in the domestic petroleum market

The Committee acknowledged potential implementation challenges but emphasized that these issues are being actively addressed through coordinated efforts among all parties. The initiative remains in effect and will continue as long as it aligns with public interest and supports national economic objectives.

This development comes as part of the Federal Government's efforts to boost the local economy and reduce dependence on foreign exchange. The initiative's progress will be closely watched, particularly with the commencement of crude-for-Naira sales to Dangote Refinery and other local refineries in Nigeria. 

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