The technical Sub-Committee on the Crude and Refined Product Sales in Naira will continue to implement the crude oil and refined product transactions in naira.
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, stated this during a meeting of the committee in Abuja.
He expressed satisfaction with the level of inter-agency collaboration and the involvement of relevant stakeholders.
Mr. Wale Edun, said the essence of the meeting is to review the implementation milestones of the policy and noted progress made since its last engagement.
He added that the naira-for-crude initiative is expected to reduce Nigeria’s dependency on foreign exchange for domestic energy transactions, while also encouraging investments in local refining capacity.
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Crude oil