Federal Government Moves Forward with Plan to Sell Crude Oil in Naira — Wale Edun

 

Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has confirmed that the federal government is pressing ahead with its plan to sell crude oil and refined petroleum products using the naira instead of foreign currency.

This plan is part of a bigger economic strategy by President Bola Tinubu. The goal is to strengthen the naira, boost Nigeria’s energy security, and encourage local refining and production in the petroleum industry. The initiative is being carried out through a special group known as the Technical Sub-Committee on Crude and Refined Product Sales in Naira.

Wale Edun, who leads this sub-committee, said he’s pleased with how things are going so far. He also praised the strong teamwork between different government agencies during a recent meeting in Abuja. According to a statement from the Ministry of Finance, the meeting was used to review what has been achieved so far and to discuss the next steps in the plan.

Key people at the meeting included Zacch Adedeji, Chairman of the Federal Inland Revenue Service (FIRS) and also head of the sub-committee; Olu Verheijen, Special Adviser to the President on Energy; and top officials from the Nigerian National Petroleum Company Limited (NNPCL). Also present were representatives from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Nigerian Ports Authority (NPA), and various local refining companies.

Edun explained that this naira-for-crude initiative will help reduce Nigeria’s reliance on foreign currency for oil-related transactions. He also said it will encourage more investments in Nigeria’s own refining facilities.