The Nigerian National Petroleum Company Limited (NNPCL) has refuted claims that it has halted the naira-for-crude oil deal, confirming that it has supplied 84 million barrels of crude to the Dangote Refinery.

Amid concerns over crude availability for local refiners, including Dangote, the Federal Inland Revenue Service (FIRS) also affirmed that the naira-for-crude policy remains in place.

In October 2024, the federal government initiated the naira-for-crude agreement, under which NNPCL would supply approximately 385,000 barrels per day of crude oil to Dangote Refinery. While the deal was set for six months and expected to conclude by March 2025, reports had emerged alleging that NNPCL had terminated the arrangement.

Responding to these claims, NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, stated that discussions are ongoing regarding a new contract. However, he did not confirm whether the agreement would still be based on naira payments.

“NNPCL remains committed to supplying crude oil for local refining based on mutually agreed terms and conditions,” Soneye said.

Meanwhile, Zacch Adedeji, chairman of the Technical Sub-Committee on the naira-for-crude policy and Executive Chairman of FIRS, reaffirmed that the policy remains in effect.

“The policy framework enabling the sale of crude oil in naira for domestic refining remains in force. There has been no decision at the policy level to discontinue this approach,” Adedeji stated.