The Federal Government’s push to stabilise the naira through local crude oil and refined product sales is gaining momentum, with key milestones recorded since the policy’s revival.
At a high-level meeting in Abuja, chaired by Finance Minister Wale Edun, stakeholders reviewed the latest progress.
The Nigerian National Petroleum Company Limited (NNPCL) presented its crude delivery report, while the Nigerian Midstream and Downstream Petroleum Regulatory Authority detailed domestic production from the Dangote Refinery.
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The meeting, which included FIRS Chairman Zacch Adedeji and Presidential Energy Adviser Olu Verheijen, reaffirmed government backing for the initiative central to President Bola Tinubu’s economic plan.
The policy had earlier stalled in March 2025 when Dangote Refinery suspended naira-based sales due to FX mismatch. But following leadership changes at NNPCL, the deal was revived, prompting a drop in petrol prices to N915/litre.
With NNPCL now mandated to sell crude to local refineries in naira, the initiative is expected to ease pressure on the dollar, stabilise fuel prices, and boost local refining.
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