The Federal Government says its naira-for-crude initiative with local refineries is not a temporary measure but a “key policy directive designed to support sustainable local refining”.
The government also said the initiative is still in effect and will continue immediately, overruling the decision of the NNPCL under its former boss Mele Kyari which tenured the initiative.
The Minister of Finance Wale Edun at a meeting with representatives of the Dangote Refinery on Tuesday said the naira-for-crude is still in effect.
In a post on its official X handle on Wednesday, the Ministry of Finance said the Technical Sub-Committee on the Crude and Refined Product Sales in Naira initiative met on Tuesday to review progress and address ongoing implementation matters. (Channels)