The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has reaffirmed the federal government’s commitment to executing crude oil and refined product transactions in naira, describing it as a strategic step toward economic stability.
Speaking at a meeting of the Technical Sub-Committee on Crude and Refined Product Sales in Naira held in Abuja, Edun—who chairs the committee—emphasized that the initiative is a key pillar of President Bola Tinubu’s broader economic reforms. The goal, he said, is to stabilize the naira, enhance energy security, and promote value addition in the petroleum sector.
A statement released by the Ministry of Finance on Saturday indicated that the committee reviewed the progress since its last session and applauded the strong inter-agency collaboration and stakeholder participation recorded so far.
Notable attendees included Mr. Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service (FIRS); Ms. Olu Verheijen, Special Adviser to the President on Energy; and senior officials from the Nigerian National Petroleum Company Limited (NNPCL).
Also present were representatives of local refining companies and regulatory bodies such as the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and the Nigerian Ports Authority (NPA).
Edun explained that executing crude and refined product sales in naira would reduce Nigeria’s dependence on foreign exchange for domestic energy needs and help attract fresh investment into the local refining industry.