By Kazeem Ugbodaga
The federal government has reaffirmed its steadfast dedication to the continuous execution of the Crude and Refined Product Sales in Naira program.
The government characterized it as a strategic, long-range approach intended to boost Nigeria’s self-sufficiency in energy and lessen the strain on the country’s foreign currency reserves.
This confirmation was provided on Wednesday during a high-level update session of the Technical Sub-Committee managing the initiative.
The gathering assembled important governmental and industrial leaders to evaluate the advancements achieved thus far and address the rising challenges in execution.
Attending the meeting were Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun, who presides over the primary Implementation Committee; Executive Chairman of the Federal Inland Revenue Service (FIRS) and Chairperson of the Technical Subcommittee, Mr. Zacch Adedeji; Chief Financial Officer of NNPC Limited, Mr. Dapo Segun; Head of Operations at NNPC Refineries; leadership from NNPC Trading; delegates from Dangote Petroleum Refinery and Petrochemicals; along with senior personnel from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Central Bank of Nigeria (CBN), Nigerian Ports Authority (NPA), Afreximbank, and also present was Ms. Hauwa Ibrahim, serving as secretary to the committee.
The stakeholders collectively agreed that the policy, which was approved by the Federal Executive Council (FEC), is not a temporary solution but a long-term economic plan aimed at supporting local refineries, enhancing energy security, and stabilizing the petroleum sector using the domestic currency.
This is a vital national strategy," stressed Mr. Edun. "It’s not just a trial program or a temporary solution. It lies at the heart of our overall economic plan and underscores our commitment to increase the usage of the Naira in key areas.
Although some operational difficulties have arisen following the launch, the Committee confirmed that they are addressing these issues via a cooperative and inclusive method that includes participation from all pertinent parties.
Mr. Adedeji remarked, "The initiative continues to progress as planned." He added, "Our cooperative structure allows us to tackle any obstacles promptly and strategically."
Through naming both raw and processed petroleum trades in Naira, the government intends to reduce foreign exchange demands, stabilize the local currency, and foster a more robust domestic energy sector.
Authorities emphasized that the program will continue as long as it supports the nation's economic goals and advances towards autonomy in the energy industry.