By Kingsley Jeremiah, Abuja

The Federal Government has reiterated its commitment to the crude and refined petroleum product sales in naira, stressing that the deal is not a short-term measure.

This was confirmed during an update meeting of the Technical Sub-Committee overseeing the initiative, held on Tuesday.

The meeting was attended by key stakeholders, including Minister of Finance and Coordinating Minister of the Economy, Wale Edun; Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji; NNPC Limited’s Chief Financial Officer, Dapo Segun; representatives from Dangote Petroleum Refinery, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Central Bank of Nigeria (CBN), Nigerian Ports Authority (NPA), Afreximbank, and other industry players.

The initiative, backed by the Federal Executive Council (FEC), aims to strengthen local refining, enhance energy security, and reduce foreign exchange dependence.

While acknowledging potential challenges, the government in a statement on X assured that implementation remains on track, with all parties working to address any issues that arise.

The policy is expected to support NNPC refineries, Dangote Refinery, and other local producers by ensuring crude oil transactions occur in naira.

However, concerns remain about market adaptation, exchange rate stability, and industry compliance.

The government emphasised that the initiative will remain in effect as long as it aligns with national economic interests and public benefit.