{"id":64004,"date":"2025-04-09T12:23:18","date_gmt":"2025-04-09T12:23:18","guid":{"rendered":"https:\/\/abujacityjournal.com\/livenews\/?p=64004"},"modified":"2025-04-09T12:23:18","modified_gmt":"2025-04-09T12:23:18","slug":"fec-orders-full-rollout-of-naira-crude-deal","status":"publish","type":"post","link":"https:\/\/abujacityjournal.com\/livenews\/2025\/04\/09\/fec-orders-full-rollout-of-naira-crude-deal\/","title":{"rendered":"FEC Orders Full Rollout of Naira Crude Deal"},"content":{"rendered":"<p><strong>By Adenike Lawal<\/strong><\/p>\n<p>The Federal Executive Council has directed the complete enforcement of the Naira-for-Crude policy, signaling a decisive step towards reducing Nigeria&#8217;s dependence on foreign currency for petroleum transactions.<\/p>\n<p>The Ministry of Finance announced the move on Wednesday via its official X account, confirming the government&#8217;s commitment to the &#8220;Crude and Refined Product Sales in Naira Initiative.&#8221;<\/p>\n<p>This decision follows the expiration of the initial six-month deal between the Federal Government, the Nigerian National Petroleum Company Limited, and Dangote Petroleum Refinery on March 31, 2025.<\/p>\n<p>Since the conclusion of the first phase, Dangote Refinery had halted sales of refined products in naira, pending clarity on the agreement&#8217;s future.<\/p>\n<p>With this new directive, the government has cleared any doubts, mandating a full return to the local currency arrangement.<\/p>\n<p>Officials emphasized that this is not a stopgap measure but a cornerstone policy designed to promote sustainable local refining and bolster the country\u2019s energy security.<\/p>\n<p>The policy is expected to shield Nigeria\u2019s economy from the volatility of foreign exchange markets and strengthen the naira.<\/p>\n<p>The Technical Sub-Committee overseeing the initiative met earlier this week to review progress and iron out lingering challenges.<\/p>\n<p>Stakeholders at the meeting reaffirmed their resolve to drive the policy to full implementation as instructed by the council.<\/p>\n<p>According to the Ministry, the initiative marks a strategic shift in Nigeria\u2019s approach to its petroleum market, aiming to secure long-term energy independence and ensure steady support for local refiners.<\/p>\n<p>Further updates are anticipated as the rollout gathers momentum across the sector.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Adenike Lawal The Federal Executive Council has directed the complete enforcement of the Naira-for-Crude policy, signaling a decisive step towards reducing Nigeria&#8217;s dependence on foreign currency for petroleum transactions. The Ministry of Finance announced the move on Wednesday via its official X account, confirming the government&#8217;s commitment to the &#8220;Crude and Refined Product Sales [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":64005,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[172],"tags":[59],"class_list":["post-64004","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-featured"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/64004","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=64004"}],"version-history":[{"count":1,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/64004\/revisions"}],"predecessor-version":[{"id":64006,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/64004\/revisions\/64006"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/64005"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=64004"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=64004"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=64004"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}