The Federal Government has assured Nigerians that the Naira-for-crude oil initiative remains intact, quelling fears of fuel supply disruptions following recent developments involving the Dangote Refinery.
The reassurance came after a weekend meeting of the Steering Committee on Domestic Crude Oil and Refined Products Sales in Local Currency, chaired by Wale Edun, Minister of Finance and Coordinating Minister of the Economy.
The committee reviewed two major concerns in the downstream sector: the reported suspension of the Naira-for-crude arrangement by Dangote Refinery, which has since been resolved, and the ongoing labour dispute raised by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN).
In attendance were the Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu; FIRS Chairman, Zacch Adedeji; officials of NMDPRA, NNPC Ltd., CBN, Afreximbank, and representatives of the Dangote Refinery.
According to a statement from the Ministry of Finance spokesperson, Muhammed Manga, the committee stressed that the crude oil-for-naira policy will continue. It also assured that issues between PENGASSAN and Dangote Refinery are being addressed with urgency.
“The Federal Government remains fully committed to energy security, consumer protection, and market stability in the domestic petroleum sector,” the statement added.
