By NEXTER
The federal government has said the ongoing naira-for-crude sale deal with Dangote Refinery and other local refineries, facilitated through the Nigerian National Petroleum Company Limited, NNPCL, remains.
This was disclosed by the Technical Sub-Committee on the Crude and Refined Product Sales in Naira Initiative through a statement on Wednesday.
It explained that the naira-for-crude deal 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 and therefore not a temporary arrangement.
“the initiative remains in effect and will continue for as long as it aligns with the public interest and supports national economic objectives,” it stressed.
“The stakeholders reaffirmed the government’s continued commitment to the full implementation of this strategic initiative, as directed by the Federal Executive Council (FEC).
“Thus, the Crude and Refined Product Sales in Naira initiative is not a temporary or time-bound intervention but a key policy directive designed to support sustainable local refining, bolster energy security, and reduce reliance on foreign exchange in the domestic petroleum market,” the statement noted.
