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FEC Directs Full Implementation Of Naira-For-Crude Deal
The Federal Executive Council has formally ordered the full implementation of the previously suspended Naira-for-Crude agreement with local refiners.
The Federal Government said the initiative is not a temporary measure but a “key policy directive designed to support sustainable local refining”.
The government also said the initiative is still in effect and will continue immediately, overruling the decision of the NNPCL under its former boss Mele Kyari which tenured the initiative.
The Minister of Finance Wale Edun at a meeting with representatives of the Dangote Refinery on Tuesday said the naira-for-crude is still in effect.
In a post on its official X handle on Wednesday, the Ministry of Finance said the Technical Sub-Committee on the Crude and Refined Product Sales in Naira initiative met on Tuesday to review progress and address ongoing implementation matters.
The meeting was attended by Edun, the Chairman of the Implementation Committee; the Chairman of the Technical Sub-Committee and Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji; the Chief Financial Officer of NNPCL, Dapo Segun; the Coordinator of NNPC Refineries; Management of NNPC Trading; representatives of Dangote Petroleum Refinery and Petrochemicals.
Others at the meeting include senior officials from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Central Bank of Nigeria (CBN), the Nigerian Ports Authority (NPA), representative of Afreximbank, as well as the Secretary of the Committee, Hauwa Ibrahim.
“The stakeholders reaffirmed the government’s continued commitment to the full implementation of this strategic initiative, as directed by the Federal Executive Council (FEC).
“Thus, the Crude and Refined Product Sales in Naira initiative is not a temporary or time-bound intervention, but a key policy directive designed to support sustainable local refining, bolster energy security, and reduce reliance on foreign exchange in the domestic petroleum market.
“As with any major policy shift, the Committee acknowledges that implementation challenges may arise from time to time. However, such issues are being actively addressed through coordinated efforts among all parties.
“The initiative remains in effect and will continue for as long as it aligns with the public interest and supports national economic objectives,” the statement read.
As part of moves to reduce the strain on the US dollars and guarantee price stability of petroleum products, the Federal Executive Council (FEC) in July 2024 directed the NNPCL to sell crude oil to Dangote Refinery and other local refineries in naira and not in United States’ greenback.
However, in March 2025, the Nigerian National Petroleum Company Limited (NNPCL) said its Naira-denominated crude sales agreement with the Dangote Refinery was structured for six months, with March 2025 as the expiration date.
Subsequently, the $20bn Dangote Refinery temporarily halted the sale of petroleum products in Naira. “This decision is necessary to avoid a mismatch between our sales proceeds and our crude oil purchase obligations, which are currently denominated in US dollars,” the company had said.
Fuel metre showing the new price of petrol per litre in Lagos on March 31, 2025
Immediately, the pump price of petrol jumped from around ₦860 to about ₦1,000, making consumers pay at least ₦70 more than what it used to cost them to buy a litre of the premium commodity days earlier.
The refinery, however, said would resume the sale of its product to the local market in Naira as soon as it received crude cargoes from the NNPCL in Naira.
Days later, President Bola Tinubu fired Kyari and the entire NNPCL Board. In their stead, the president appointed a new 11-man board with Bashir Ojulari as the Group chief executive officer and Ahmadu Kida as non-executive chairman.
The resumption of Naira-denominated crude sales, experts believe, would reduce the strain on the US dollar and guarantee the price stability of petroleum products.
Nigerians are expected to experience some relief from high, dollar-denominated imported fuel with the resumption of the naira-for-crude initiative.
Members of the Enugu State Caucus of Peoples Democratic Party, ( PDP) in the House of Representatives, Rt. Hon. Nnolim Nnaji , Rt. Hon. Martins Oke and Hon Anayo Onwuegbu have welcomed Rt. Hon. Dennis Agbo and Hon. Chidi Mark Obeta of Labour Party, (LP) to the PDP fold.
They observed that the visionary leadership of Dr Peter Ndubuisi Mba in Enugu State has ignited massive decamps and unprecedented upsurge of membership of the Peoples Democratic Party, (PDP) in the state.
The caucus in a statement issued after the two members of the House of Representatives, Rt. Hon Dennis Agbo of Igboeze North/ Udenu and Chidi Mark Obeta who represents Nsukka/Igboeze South formally announced their transfer of membership to PDP at the resumption of House plenary on Tuesday said it was gladdening to receive them into the PDP fold.
They stressed that PDP in Enugu State was witnessing a great rebirth as a result of the transformative development agenda being unleashed in various sectors of the economy of the state by Governor Mba which has received global commendations.
The Enugu State caucus Leader, Rt. Hon. Nnolim Nnaji on behalf of the members further noted that Governor Mba’s investments in infrastructure, agro economy, and security among others have made Enugu State a tourist’s haven adding that with the good governance structure he has put in place, his second tenure would be a walkover.
Speaker of the Delta State House of Assembly, Rt. Hon. Emomotimi Guwor, along with twenty-one other former members of the Peoples Democratic Party (PDP), elected into the Assembly has officially defected to the All Progressives Congress (APC), following a major realignment of political stakeholders across the state.
The defection of the twenty-two lawmakers has effectively transformed the Delta State House of Assembly into a one-party legislature, as the remaining seven members were originally elected on the ticket of the APC.
Announcing the development on Tuesday during the resumption of plenary after the Easter break, the Speaker stated that the decision was the result of extensive consultations with their constituents and political leaders throughout the state.
He emphasized that the move aligned with Section 109 of the 1999 Constitution, as amended.
While expressing appreciation to members for their contributions so far, Guwor urged the House to ensure the completion of all pending bills as the second legislative session nears its end.
He noted that the political shift towards the APC was in response to the realignment of stakeholders and the desire to align with the Federal Government under President Bola Tinubu’s leadership.
“The mass defection of members of the Peoples Democratic Party, led by Governor Sheriff Oborevwori, to the All Progressives Congress was made in the overall interest of Deltans and the state,” the Speaker said.
He explained that the decision followed extensive consultations held on April 23 and which cumulated on the official reception on April 28, 2025, at the Government House and the Cenotaph, respectively.
He said: “We are fully committed to partnering with the Federal Government to deliver greater development to Deltans.
“On behalf of the House, I commend the courage and visionary leadership of our Governor, Rt. Hon. Sheriff Oborevwori, in making this strategic and timely decision.
“As a legislative body, we stand with His Excellency in this endeavour. This renewed partnership between the state and Federal Government must be supported and allowed to flourish, so that we can begin to enjoy its benefits in the shortest possible time.”
He informed the House that he had received twenty-two letters (including his own) notifying of the change of party affiliation from the PDP to the APC.
The defection, he said, was driven by instability within the PDP’s national leadership and factional divisions within the South-South Zonal Executive Committee, leading to internal conflicts and disunity within the party.
Citing Section 109(1)(g) of the Constitution of the Federal Republic of Nigeria, 1999 (as amended), the Speaker affirmed the constitutional basis for the defection.
“With this action, the Delta State House of Assembly is now composed entirely of members from the All Progressives Congress. We thank our constituents for endorsing this progressive course of action”.
A motion to adopt the letters of party change was moved by the Majority Leader, Hon. Emeka Nwaobi, and seconded by Hon. Ferguson Onwo, who represents Isoko South II.
Speaking to journalists after the plenary, the Majority Leader, Hon Emeka Nwaobi reiterated that the defection was prompted by the crisis within the PDP.
“Our decision was based on the instability at the national level and the factionalization at the South-South level. Consequently, we chose to move to the ruling All Progressives Congress, in accordance with Section 109 of the 1999 Constitution, as amended,” he said.
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