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Nigeria News Nalin The Nigerian government reportedly announced that Naira-selective sales agreement with Dangote refineries and other local refineries, which was promoted through NNPCL Nigeria National Petroleum Corporation Limited.
The Nigerian news platform learned that the technical subcommittee for the sale of crude oil and refined products of Naira was updated in a statement Wednesday after meeting with stakeholders on Wednesday.
The committee clarified that Naira-the picky deal is not a temporary or sometimes intervention, but a key policy directive designed to support sustainable local refining, enhance energy security and reduce foreign exchange dependence in the domestic oil market.
Therefore, it reiterates that “the initiative remains in effect and will continue as long as it is aligned with the public interest and supports national economic goals.”
The technical subcommittee on the planned sales of crude oil and refined products in Naira convened an update meeting on Tuesday to review progress and resolve ongoing implementation matters.
A partial statement issued by the Federal Treasury Account X read Wednesday: “Stakeholders reaffirmed the government’s commitment to the full implementation of this strategic initiative, directed by the Federal Executive Committee (FEC).
“So, crude and refined product sales in the Naira initiative are not temporary or sometimes interventions, but key policy directives designed to support sustainable local refining, enhance energy security and reduce foreign exchange dependence in the household oil market.”
The committee added that the challenges encountered in implementing the Naira-rude exchange are being resolved through coordinated efforts.
“As with any significant policy shift, the Commission acknowledges that implementation challenges may arise from time to time.
“However, through coordinated efforts among the parties, such issues are being actively addressed.”
Mr. Wale Edun, Chairman of the Implementation Committee, Minister of Finance and Minister of Economic Coordination, attended the meeting; Mr. Zacch Addeji, Chairman of the Technical Subcommittee and Executive Chairman of the Federal Inland Tax Services (FIRS); Mr. Dapo Segun, Chief Financial Officer of NNPC Ltd; Coordinator of NNPC Refinery; Management of NNPC Transactions and representatives of Dangote Petroleum Refinery and Petrochemical.
Senior officials of the Upper Petroleum Regulatory Commission of Nigeria (NUPRC), the Midstream and Downstream Petroleum Regulatory Agency of Nigeria (NMDPRA), the Central Bank of Nigeria (CBN), the Port Authority of Nigeria (NPA), the representative of Afreximbank, the representative of the committee, is the committee of the committee,
Recall that on March 19, the Dangote refinery suspended the sale of its oil products in Naira due to a deadlock in the Naira deal.
The subsequent development led to a rise in gasoline prices last week.
