Federal Government Begins Sale Of Crude Oil In Naira

Abuja, Nigeria- The Federal Government of Nigeria has commenced the sale of crude oil and refined petroleum products in the local currency, the Naira.

The policy, which came into effect on October 1, 2024, was confirmed by the Minister of Finance and Coordinating Minister of the Economy, Wale Edin, following a directive from the Federal Executive Council (FEC).

According to a statement by Mr. Mohammed Manga, Director of Information and Public Relations, the decision aims to strengthen the nation’s currency and reduce reliance on foreign exchange in oil transactions.

The announcement was made after a meeting of the Implementation Committee, chaired by Minister Edun, alongside key stakeholders including the Minister of State for Petroleum, the Special Advisers to the President on Revenue and Energy, and top officials from the Nigerian National Petroleum Company (NNPC) and Dangote Group.

The policy shift is expected to enhance economic growth and self-sufficiency, with President Bola Ahmed Tinubu’s administration positioning it as a critical step towards stabilizing the economy and navigating the complexities of global oil markets.