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FG begins sale of crude oil, refined petroleum products in naira
Nigeria has officially commenced the sale of crude oil and refined petroleum products in Naira.
A statement from the Ministry of Finance yesterday said the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, announced that the implementation of this a significant initiative, approved by the Federal Executive Council (FEC), started on October 1, 2024.
Speaking after a post-commencement review meeting, chaired by the Minister, Edun disclosed that key stakeholders had assured of the commencement of this strategic initiative.
The review meeting was held to assess the progress of the “Crude Oil and Refined Products Sales in Naira” initiative, and the consensus reached highlighted the government’s commitment to seeing the plan through.
“The sale of crude oil and refined products in Naira has officially begun as directed by the Federal Executive Council. This initiative marks a bold step towards economic sustainability and currency stability,” Edun stated.
Last month, the Technical Sub-Committee on Domestic Sales of Crude Oil in Local Currency revealed that President Bola Ahmed Tinubu had given the green light for crude oil to be sold to local refineries in Naira. This decision, according to the committee, will also apply to the purchase of petroleum products.
According to the committee, from October 1, 2024, the Nigerian National Petroleum Company (NNPC) commenced the supply of approximately 385,000 barrels per day (bpd) of crude oil to the Dangote Refinery, with payments made in Naira. This partnership is expected to reshape Nigeria’s oil and gas landscape, as the Dangote Refinery, located in Lekki, Lagos, is Africa’s largest oil refining facility, valued at over $20 billion.
The government had previously outlined that this initiative would reduce pressure on the Naira, eliminate unnecessary transaction costs, and ensure a steady supply of petroleum products across the country. This innovative approach is expected to improve the country’s macroeconomic indicators, including foreign exchange reserves.
Chairman of the technical committee and FIRS boss, Zacch Adedeji, had earlier explained that under the initiative, crude oil would be sold to the Dangote Refinery in exchange for refined petroleum products such as Premium Motor Spirit (PMS) and diesel. These products would then be supplied to the domestic market for distribution, with payments also made in Naira.
“Diesel will be sold in Naira by the Dangote Refinery to any interested off-taker, while PMS will only be sold to NNPC, which will then distribute it to various marketers,” Adedeji explained. Additionally, all regulatory costs associated with the operation, including fees for the Nigerian Ports Authority (NPA) and the Nigerian Maritime Administration and Safety Agency (NIMASA), will be paid in Naira.
In a bid to ensure a seamless implementation of the initiative, a one-stop shop is being established to coordinate services from regulatory bodies, security agencies, and other stakeholders involved in the process.
The meeting, which solidified the operational framework, brought together notable figures including the Minister of State for Petroleum (Oil), the Special Adviser to the President on Revenue, the Special Adviser to the President on Energy, the Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), representatives of the Dangote Group, and top management of the NNPC, led by the Group Chief Executive Officer (GCEO).
This strategic initiative, introduced by President Bola Ahmed Tinubu’s administration, is poised to have far-reaching impacts on Nigeria’s economy. As the country navigates the challenges of global energy markets, the naira-for-crude plan is seen as a critical step in fostering economic growth, stability, and self-sufficiency. It is expected to reduce the nation’s reliance on foreign exchange transactions for crude oil sales, ultimately positioning Nigeria for long-term success in the global energy landscape.
News
18 States Move To Block Trump’s Order Ending Birthright Citizenship For Immigrant Children In US
A coalition of Democratic state attorneys general filed a federal lawsuit on Tuesday to block President Trump’s executive order aimed at eliminating birthright citizenship.
Shortly after taking office on Monday, Trump used presidential powers to initiate his long-promised immigration crackdown. His executive actions included an order directing the federal government to stop issuing passports, citizenship certificates, and other documents to many children born in the U.S. whose mothers are in the country illegally or whose parents are not legal permanent residents.
According to CBS News, the lawsuit, filed by 18 states in federal court in Massachusetts, argues that Mr. Trump’s initiative violates the 14th Amendment of the U.S. Constitution, which has long been interpreted by the federal government to grant citizenship to those born on American soil.
The cities of San Francisco and Washington, D.C., have also joined the suit.
The 14th Amendment says: “All persons born or naturalized in the United States, and subject to the jurisdiction thereof, are citizens of the United States and of the State wherein they reside.”
“The great promise of our nation is that everyone born here is a citizen of the United States, able to achieve the American dream,” New York Attorney General Letitia James said in a statement to CBS News.
“This fundamental right to birthright citizenship, rooted in the 14th Amendment and born from the ashes of slavery, is a cornerstone of our nation’s commitment to justice.”
The lawsuit seeks a preliminary injunction to stop the enforcement of the executive order and ultimately aims to have it invalidated.
The states participating in the suit include California, Colorado, Connecticut, Delaware, Hawaii, Maine, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New Mexico, New York, North Carolina, Rhode Island, Vermont, and Wisconsin.
“The President’s executive order attempting to rescind birthright citizenship is blatantly unconstitutional and quite frankly, un-American,” California Attorney General Rob Bonta said in a statement.
The states are asking the court to immediately block the order from taking effect.
Mr. Trump directed that his order should be enforced in 30 days.
In a historic attempt to decolonise the country’s judiciary, President Ibrahim Traoré of Burkina Faso has formally banned judges from wearing wigs from the British and French colonial eras.
President Traoré emphasised in his announcement the importance of eschewing colonial-era traditions and implementing customs that respect Burkina Faso’s cultural identity.
The action is in line with his larger plan to fortify national identity and declare the nation’s autonomy from outside influences. The colonial wigs, which have traditionally stood for outside authority in African legal systems, are gradually being abandoned.
Covenant University (CU) has again been listed as Nigeria’s overall best university in Times Higher Education (THE) 2025 Rankings.
In the 2025 rankings, the Ahmadu Bello University, Zaria came second, displacing the University of Ibadan which occupied the position for the 2024 ccrankings.
The Times Higher Education World Rankings is a comprehensive global ranking of universities published annually.
The 2025 rankings THE said it ranked more than 2,000 institutions from 115 countries and territories.
Globally, Oxford holds on to the top spot for the ninth consecutive year, bolstered by significant improvements in industry engagement and teaching. MIT rises to second place, overtaking Stanford, which drops to sixth.
The ratings were done based on 18 carefully calibrated performance indicators that measure an institution’s performance across five areas: teaching, research environment, research quality, industry, and international outlook.
University of Oxford
Massachusetts Institute of Technology
Harvard University
Princeton University
University of Cambridge
Stanford University
California Institute of Technology
University of California, Berkeley
Imperial College London
Yale University
Top ranked Nigerian universities
1. Covenant University
2. Ahmadu Bello University
3. Landmark University
4. University of Ibadan
5. University of Lagos
6. Bayero University
7. Federal University of Technology Akure
8. Federal University of Technology, Minna
9. University of Benin
10. University of Ilorin
11. University of Nigeria Nsukka
12. Ekiti State University
13. Federal University of Agriculture, Abeokuta
14. Federal University of Technology, Owerri
15. Federal University Oye-Ekiti
16. Ladoke Akintola University of Technology
17. Lagos State University
18. Nnamdi Azikiwe University
19. Obafemi Awolowo University
20. University of Port Harcourt
21. Usmanu Danfodiyo University, Sokoto
22. Abia State University
23. Akwa Ibom State University
24. Alex Ekwueme Federal University, Ndufu-Alike
25. Ambrose Alli University
26. Baze University
27. Bells University of Technology
28. Benson Idahosa University
29. Bowen University
30. Delta State University, Abraka
31. Evangel University, Akaeze
32. Federal University of Petroleum Resources, Effurun
33. Godfrey Okoye University
34. Lagos State University of Education
35. Lagos State University of Science and Technology
36. Nasarawa State University, Keffi
37. Niger Delta University
38. Nile University of Nigeria
39. Osun State University
40. Rivers State University
41. Thomas Adewumi University
42. University of Cross River State
43. University of Maiduguri
44. Veritas University, Abuja
18 States Move To Block Trump’s Order Ending Birthright Citizenship For Immigrant Children In US
Burkina Faso outlaws colonial-era judicial wigs to embrace cultural identity
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