There has been no policy decision to halt the initiative, nor is such a move being considered
FG Says Naira-For-Crude Policy Remains In Place, Dismisses Speculation
The Federal Government has dismissed reports suggesting that the naira-based crude oil supply arrangement for local refineries has been discontinued, clarifying that the policy remains in force and continues to support domestic refining.
In a statement, Zacch Adedeji, Chairman of the Technical Sub-Committee on the implementation of the Federal Government’s policy on domestic sales of crude oil and refined products in naira, emphasized that the framework was designed to ensure supply stability and optimize the utilization of local refining capacity.
According to him, there has been no policy decision to halt the initiative, nor is such a move being considered.
He asserted that the policy has been effective since its implementation and remains a strategic step for economic stability.
Addressing concerns about access to crude oil, Adedeji assured that local refineries have not been excluded from domestic supply.
He explained that crude allocations to local refineries continue under structured agreements that take into account availability, demand, and market conditions.
He also noted that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) is actively enforcing compliance with the Domestic Crude Oil Obligations provisions of the Petroleum Industry Act to ensure transparency and fairness.
Furthermore, Adedeji highlighted that the initiative promotes competitive pricing and market efficiency by ensuring fair transactions within the domestic crude market. He reiterated the Federal Government’s commitment to strengthening the implementation of the policy, which is aimed at enhancing local refining, reducing reliance on foreign exchange for crude purchases, and stabilizing the domestic fuel supply.
He assured stakeholders that the committee remains focused on executing the policy in line with its core objectives, dispelling any misinformation suggesting a shift away from the naira-based framework. Read More
