The Federal Government has confirmed that the policy requiring crude oil and refined petroleum product sales in Naira will continue as a long-term national directive.
The Ministry of Finance reassured the public on Wednesday via X (formerly Twitter), addressing growing inquiries about the policy’s status. The initiative, first approved by the Federal Executive Council (FEC), is designed to strengthen the economy, enhance local refining, and reduce the demand for foreign exchange in petroleum transactions.
“The Crude and Refined Product Sales in Naira initiative is a key policy directive aimed at bolstering local refining and reducing reliance on foreign exchange,” the Ministry said in a statement.
The Ministry explained that the policy is not a short-term measure but a strategic move to support energy security and investment in domestic refining infrastructure.
While challenges may arise, the Ministry emphasized that they are being actively addressed through coordinated efforts among all stakeholders.
