FG Reaffirms Crude-for-Naira Policy, Assures Steady Fuel Supply

By Oluwakemi Kindness

The Federal Government has restated its commitment to the crude-for-naira initiative, assuring Nigerians that there will be no disruption in the supply of refined petroleum products across the country.

This is according to a statement issued on Sunday by the Director of Information and Public Relations at the Federal Ministry of Finance, Mohammed Manga, following a meeting of the Steering Committee on Domestic Crude Oil and Refined Products Sales in Local Currency.

The meeting, chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, reviewed developments in the downstream oil sector, including the reported suspension of the arrangement by the Dangote Refinery.

Manga said the matter “has since been amicably resolved.”

The committee also discussed concerns raised by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) regarding the refinery.

According to the statement, “all outstanding issues, particularly the dispute between PENGASSAN and Dangote Refinery, are being addressed with urgency and in good faith.”

Other attendees at the meeting included the Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu; Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, who also chairs the Technical Committee; as well as representatives of the NMDPRA, NNPC Ltd., CBN, Afreximbank, and the Dangote Refinery.

Reaffirming the Federal Government’s position, the statement declared: “For the avoidance of doubt, the crude oil for the Naira initiative will continue.”

It added that government remains fully committed to “ensuring energy security, protecting consumers, and maintaining stability in the domestic petroleum products market.”