Mkpoikana Udoma
Port Harcourt — The Nigerian Government says it has recorded “notable progress” in the implementation of its Crude and Refined Products Sales in Naira initiative, a key policy aimed at stabilizing the national currency, enhancing energy security, and boosting local value addition in the petroleum sector.
This was the major highlight from a follow-on meeting of the Technical Sub-Committee on the policy, chaired by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun.
The Minister assured that further updates would be communicated to the public in due course, as the administration pushes ahead with its Naira-recovery agenda.
“Today’s session reaffirms our collective determination to implement this initiative effectively. It remains a critical component of President Bola Tinubu’s broader economic strategy,” Edun said during the meeting.
The meeting brought together top government functionaries and industry leaders, including the Executive Chairman of the Federal Inland Revenue Service, FIRS and Sub-Committee Chair, Mr. Zacch Adedeji; Special Adviser to the President on Energy, Ms. Olu Verheijen; and senior officials from the Nigerian National Petroleum Company Limited, NNPCL, Nigerian Ports Authority, NPA, and regulatory agencies NUPRC and NMDPRA.
Executive Chairman of the Federal Inland Revenue Service, FIRS and Sub-Committee Chair, Mr. Zacch Adedeji, said the shift to Naira-based transactions for crude oil and refined petroleum products represents a turning point for Nigeria’s economic sovereignty.
“The objective is to retain more value within the country and ensure that our currency reflects our domestic economic strength. This isn’t just an economic reform, it’s a sovereignty strategy.”
Stakeholders at the meeting reviewed milestones recorded since the last engagement and expressed optimism about ongoing implementation.
They reiterated their commitment to seamless execution through inter-agency collaboration.
Special Adviser to the President on Energy, Ms. Olu Verheijen, noted that the initiative “sets the stage for a more resilient energy sector that delivers both local and international benefits.”
